Fluttershy Company, a merchandising company, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparation of the master budget for the second quarter a. As of March 31 (the end of the prior quarter), the company's balance sheet showed the following account balances: Cash......................... 9,000 Accounts receivable 48,000 12,600 Inventory. Buildings and equipment (ne)..... 214.100 Accounts payable 18,300 190,000 Capital stock Retained earnings 75,400 $283,700 $283,700 b. Actual sales for March and budgeted sales for April July are as follows: March (actual)............... $60,000 April...................... $70,000 May. $85,000 June..................... $90,000 July $50,000 c. Sales are 20% for cash and80% on credit. All payments on credit sales are collected in the month following the sale. The accounts receivable at March 31 are a result of March credit sales