A manufacturing Company's budgeted income statement Includes the following data: the budget assumes that 60% of commission expenses are paid in the month they were incurred and the remaining 40% are paid one month later. in addition, 50% of salary expenses are paid in the month incurred and the remaining 50% are paid one month later. Miscellaneous expenses, rent expense and utility expenses are assumed to be paid in the same month in which they are incurred. Insurance was prepaid for the year on January 1. How much is the total of the budgeted cash payments for selling and administrative expenses for the month of May? Junk Fries has budgeted sales for June and July at $680,000 and $720,000, respectively. Sales are 80% credit, of which 70% is collected in the month of sale and 30% is collected in the following month. What is the accounts receivable balance on July 31? $172, 800 $158, 200 $225.320 $200, 500