Assume that a merchandising company provided the following beginning and ending budgeted balance sheets for a forthcoming month: Beginning Balances Ending Balances Cash $ 30,000 $ 38,000 Accounts receivable 13,000 16,000 Inventory 20,000 18,000 Buildings and equipment 100,000 100,000 Accumulated depreciation (25,000) (30,000) Total assets $ 138,000 $ 142,000 Accounts payable $ 4,000 $ 5,000 Common stock 60,000 60,000 Retained earnings 74,000 77,000 Total liabilities and stockholders equity $ 138,000 $ 142,000 Assume that all of the companys sales are on account and it has no uncollectible accounts. If the cash collected from customers during the period is $120,000, then how much sales must be shown on the companys budgeted income statement? Multiple Choice $123,000 $117,000 $114,000 $126,000