44. Jackson Company's payment policy is to pay 40 percent of its accounts payable in the quarter urchases are made and 60 percent in the following quarter. Assume Jackson's credit purchases totaled $400,000 in quarter 1, $420,000 in quarter 2, $530,000 in quarter 3 and $580,000 in quarter 4. What will Jackson's cash payments be for quarter 3? A. $482,500 B. $560,000 C. $530,000 D. $464,000 E. None of the above. LO3-D 45. All of the following would be found on a cash budget except: A. Budgeted cash collections B. Budgeted borrowings C. Budgeted depreciation expense D. Budgeted direct labor costs LO3 -Self-test-C 46. The Gretzky Company has budgeted the following sales for the 1t quarter of 2012: January$120,000 February $150,000 March $160,000 Only 20% of the company's sales are made in cash. The company expects to collect 30% of sales on account in the month of the sale, 60% in the month following the sale, and the final 10% will be collected two months following the sale. Bad debts are immaterial to the budget. Total budgeted cash collections in March will be: A. $128,000 B. $182,000 C. $152,000 D. $120,000 LO3-Self-test-C