March, April, and May sales are $100,000, $120,000, and $125,000, respectively. A total of 80% of all sales are credit sales and 20% are cash sales. A total of 60% of credit sales are collected in the month of the sale and 40% are collected in the next month. There are no bad debt expenses. What is the amount of cash collections for April? a. $89, 600 b. $111, 600 c. $113, 600 d. $132, 600 Referring to the facts in question 1 above, what is the accounts receivable balance at the end of May? a. $40,000 b. $50,000 c. $72,000 d. $80,000