Problem 7-22a preparing a master budget for retail company with no beginning account balances [lo 3, 4, 5] patel company is a retail company that specializes in selling outdoor camping equipment. the company is considering opening a new store on october 1, 2012. the company president formed a planning committee to prepare a master budget for the first three months of operation. as budget coordinator, you have been assigned the following tasks. requires: a.& b. october sales are estimated to be $120,000 of which 40 percent will be cash and 60 percent will be credit. the company expects sales to increase at the rate of 25 percent per month. the company expects to collect 100 percent of the accounts receivable generated by credit sales in the month following the sale. prepare a sales budget and a schedule of cash receipts.