Memphis Company anticipates total sales for April, May, and June of $950,000, $1,050,000, and $1,100,000 respectively. Cash sales are normally 30% of total sales. Of the credit sales, 30% are collected in the same month as the sale, 65% are collected during the first month after the sale, and the remaining 5% are collected in the second month. Compute the amount of accounts receivable reported on the companys budgeted balance sheet for June 30.

Multiple Choice

• $619,500.

• $967,750.

• $539,000.

• $575,750.

• $1,038,750.

  Calgary Industries is preparing a budgeted income statement for 2018. Predicted sales for the year are $705,000 and cost of goods sold is 40% of sales. The expected selling expenses are $78,500 and the expected general and administrative expenses are $87,500, which includes $20,500 of depreciation. The company's income tax rate is 30%. The budgeted net income for 2018 is:

  Multiple Choice

• $423,000.

• $179,900.

• $257,000.

• $85,200.

• $77,100.