Connect Lesson 5 Ch 9 0 Saved Help Save & Exit SL Middlefield Company's budgeted income statement reflects the following amounts: 5 January February March April Sales $125,000 115,000 130,000 135,000 Purchases $83,000 71,000 86,250 89,500 Expenses $24,500 24,700 27,500 29, 100 00:22:27 Sales are collected 50% in the month of sale, 20% in the month following sale, and 29% in the second month following sale. One percent of sales is uncollectible and expensed at the end of the year. Middlefield pays for all purchases in the month following purchase and takes advantage of a 1% discount. The following balances are as of January 1: Cash Accounts receivable* Accounts payable $93,000 63,000 77,000 * of this balance, $25,200 will be collected in January and the remaining amount will be collected in February The monthly expense figures include $5,500 of depreciation. The expenses are paid in the month incurred. Morgan's budgeted cash receipts in February are: Multiple Choice Cucu. Morgan's budgeted cash receipts in February are: 3 Multiple Choice O $120,300 $119,940 $119,390 $86,500. $82,500