30% of total sales are cash sales. 70% of total sales are on credit.

Actual receipts from Accounts Receivable are 80% of the previous month's credit sales and the balance of 20% owing is received in the following month. Actual credit sales were $60,000 in both January and February 2020.

Question: what is the accounts receivable in March, April and May for a cash budget?

Credit purchases on Accounts Payable are paid 60% in the month of purchase and the remaining 40% in the month following. Credit purchases in February 2020 were $50,000.

question: what is the accounts payable for March, April and May?