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QS 20-22 (Algo) Computing budgeted accounts receivable LO P2 Kingston budgets total sales for June and July of $490,000 and $438,000, respectively. Cash sales are 60% of total sales. Of the credit saies, 20% are collected in the month of sale, 65% are collected during the first month after the sale, and the remaining 15% are collected in the second month after the sale. Determine the amount of accounts receivable reported on the companys budgeted baiance sheet as of July 31 . Hint Determine the percent of June and July sales that are uncollected at July 31. tantos Company is preparing a cash budget for February. The company has $17,000 cash at the beginning of February and budgets 570,000 in cash receipts from sales and $120,000 in cash payments during February. Prepare the cash budget for February assuming he company maintains a $5,000 minimum cash balance and will take a loan if necessary to maintain this balance. The company has no loans outstanding on February 1. (Negative cash balances, If any, should be Indlcated with minus sign.)