Hoosier Inc. Budget Exercise - Version C Hoosier Inc. sells basketballs. The following is the trial balance for Hoosier Inc. as of 9/30/2023. 1 2 Cash $ 45,500 Accounts receivable 70,000 Inventory 21,000 Store equipment 200,000 Accumulated depreciation $ 60,000 Accounts payable 25,000 Salaries payable 26,000 Utilities payable 1,800 Common stock 137,000 86,700 Retained earnings Total $ 336,500 $ 336,500 Budgeted sales for October total $240,000, consisting of $50,000 cash and $190,000 on credit. The company expects sales to increase by 5% each month. *The mix of cash v. credit sales is not expected to change from month to month. HALF of the credit sales are collected in the following month. The remaining sales are collected 2 months later. . * $35,000 of the AR at 9/30 was collected in October, the remaining amount was collected in November. Prepare a sales budget and schedule of cash receipts for October, November, and December. Sales Budget: October November December Total Cash Sales Credit Sales Total Cash Receipts October November December Total Cash Sales $ 50,000 Credit Sales 35,000 Total $ 517,375 What is total revenue for the fourth quarter (Q4)? What is the accounts receivable balance at 12/31/2023? Cost of goods sold for October is expected to be $90,000. * Cost of goods sold is expected to increase by 8% each month. *The company needs to maintain a minimum ending inventory balance equal to 10% of the current month's cost of goods sold. *All inventory is purchased on account. 60% of the accounts payable is paid in the month that the purchase occurs; the remaining amount owed is paid the next month.