(LO 7) Memphis Company anticipates total sales for April, May, and June of $860,000, $960,000, and $1,010,000 respectively. Cash sales are normally 30% of total sales. Of the credit sales, 30% are collected in the same month as the sale, 60% are collected during the first month after the sale, and the remaining 10% are collected in the second month. Compute the amount of accounts receivable reported on the company's budgeted balance sheet for June 30.

Multiple Choice

• $502,600.
• $850,800.
• $494,900.
• $562,100.
• $918,300.