Assume a merchandising company provides the following information from its master budget for the month of May: Sales Cost of goods sold Selling and administrative expenses Accounts receivable, May 1st Accounts receivable, May 31st $ 120,000 $ 80,000 $ 35,000 $ 15,000 $ 20,000 If all of the company's sales are on account, what is the amount of cash collections from customers included in the cash budget for May? Multiple Choice $115,000 $110.000 Assume a merchandising company's estimated sales for January February, and March are $100,000, $120.000, and $110.000, respectively. Its cost of goods sold is always 40% of its sales. The company always maintains ending merchandise inventory equal to 10% of next month's cost of goods sold. It pays for 25% of its merchandise purchases in the month of the purchase and the remaining 75% in the subsequent month. What is the accounts payable balance at the end of January Multiple Choice $10.200 $35,700 $1900