Michael's Incorporated expect the following sales: Cash Credit July August September October November Multiple Choice $116,000 The cash budget is being developed, and the accountant is computing the projected cash collections. He notices a pattern: 50% collected in the month of sale; 40% collected the next month; and 10% collected the following month. The Accounts Receivable balance on July 1 was $65,000, which includes $50,000of June's sales and $15,000 of May's sales. Compute the projected Accounts Receivable balance on November 30: $120,000 $131,000 $ 90,000 $ 95,000 $ 30,000 $ 25,000 $ 35,000 $247,000 $ 190,000 $ 210,000 $ 170,000 $ 110,000 $ 240,000

Michael's incorporated expect the following sales: The cash budget is being developed, and the accountant is computing the projected cash collections. He notices a pattern: 50% collected in the : month of sale; 40% collected the next month; and 10% collected the following month. The Acpounts Receivable balance on July i was $65.000, which includes $50,000 of June's sales and $15,000 of May's sales. Compute the projected Accounts Recelvable balance on November 30 : Multiple Choice $116,000 $120,000 $131,000 $247,000