Black Horse Transportation’s sales budget for the first quar…

Black Horse Transportation’s sales budget for the first quarter follows: January $125,000 February   300,000 March   290,000 All sales are on account (credit) with 50% collected in the month of sale, 40% collected in the following month after sale, and 10% collected in the second month after sale. There are no uncollectable accounts. The March cash receipts are: