5. What is the planned gross accounts receivable as of December 31?

a. $331,200 b. $294,000 c. $336,200 d. $480,800

Use the following to answer the next 2 questions: A corporation anticipates the following sales during the last 6 months of the year: 20% of the corporation's sales are for cash. The balance is subject to the collection pattern below: - 40% is collected in the same month as the sale - 30% is collected in the first month following the sale - 25% is collected in the second month following the sale - 5% is expected to be uncollected and is written off at the end of the second month following the sale