The Budget Director of Mandy's Kitchen Shop Has Prepared the Following

The budget director of Mandy's Kitchen Shop has prepared the following sales budget. The company had $50,000 of accounts receivable at January 1. The company normally collects 100% of its accounts receivable in the month following the sale.
$\begin{array}{lrrr}\text { Sales}&\text { January}&\text { February}&\text { March }\\\text { Cash sales } & \$ 15,000 & \$ 33,000 & \$ 36,000 \\\text { Sales on account } & 45,000 & 60,000 & 70,000 \\ \text { Total budgeted sales } & \$ 60,000 & \$ 93,000 & \$ 106,000\\\text { Schedule of cash receipts }\\\\\text {Current cash sales}&?&?&?\\\text {Plus collection of accounts}&?&?&?\\\text {receivable}\\\text {Total budgeted cash collections}&?&?&?\end{array}$ Required:Complete the schedule of cash receipts by filling in the missing amounts. What are the total budgeted cash receipts for the first quarter?Determine the amount of accounts receivable that Mandy's should report on the first quarter pro forma balance sheet.