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26-12,Cash Budgeting,The sales budget for your company in the company in the coming year is based on a 20 percent quarterly growth rate with the first-quarter sales projection at $150 million. In addition to this basic trend the seasonal adjustments for the four quarters are 0, ($16), ($8), and $21 million, respectively. Generally, 50 percent of the sales can be collected within the quarter and 45 percent in the following quarter; the rest of the sales are bad debt. The bad debts are written off in the second quarter after the sales are made. The beginning accounts payable balance is $72 million. Assuming all sales are on credit, compute the cash collections from sales for each quarter. ,

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