Last year you decided to start up a new business Heavenly Books Inc., an off-campus bookstore where students can purchase textbooks and supplies at reduced prices. Twenty percent on sales were for cash. The business purchased $525,000 in merchandise during the yearand marked to sell at 35% above cost.Collections (on account) from customers were$440,000.A year end inventory count showed $49,000 in ending merchandise inventory.

Required: Estimate the ending balance of accounts receivable and if there are any apparent shortages or overages. Also discuss any controls that could be implemented in this situation.

I need a clear and complete answer, thank you! Please do not copy existing Chegg answers