Problem #7: Operating Budgets Marker Products, Inc. sells all of its products on credit. The company expects to collect 65%of sales in the quarter of sale and 35% the quarter following the sale....

Problem #7: Operating Budgets

 Marker Products, Inc. sells all of its products on credit. The company expects to collect 65%of sales in the quarter of sale and 35% the quarter following the sale. Accounts receivable at the end of last year totaled $3,000,000, all of which will be collected in the first quarter of the coming year. Marker's sales budget shows the following projected sales revenues:

Quarter 1: $8,800,000

Quarter 2: $11,000,000

Quarter 3: $11,440,000

Quarter 4: $10,560,000

Required:

Prepare a budget for cash collections from sales for each of the four quarters.