Compton Company expects the following total sales: Month Sales March $25,000 April $15,000 May June $29,000 $20,000 The company expects 70% of its sales to be credit sales and 30% for cash. Credit sales are collected as follows: 25% in the month of sale, 75% in the month following the sale. The budgeted accounts receivable balance on May 31 is: Multiple Choice $17,160. $13,825 $15.225 $21,750 Markham Company has completed its sales budget for the first quarter of Year 2. Projected credit sales for the first four months of the year are shown below: January $23,000 February $29,000 March April $38,000 $41,000 The company's past records show collection of credit sales as follows: 23% in the month of sale and the balance in the following month. The total cash collection from receivables in March is expected to be: Multiple Choice $35.330 $38,000 31,070 $24.380