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 year and 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. [4]