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Robinson Shutters is a retailer selling colonial-style shutters. All sales are made on credit. The following information is available to you: April May June Budgeted Sales $400,000 $450,000 $440,000 Collections on credit sales are made as follows: In the month of sale In the month following the month of sale Uncollectible accounts written off in the month following the month of sale 40% 59% 1% Cost of goods sold equals 60% of sales. All inventory is purchased on credit and the firm uses its Accounts Payable account exclusively to record purchases of inventory. Payment for inventory purchases is made in the month following the month in which the purchase was made. . Robinson's inventory policy calls for ending inventory always to be equal to 40% of next month's cost of goods sold. Other monthly expenses to be paid in cash total $18,000. Monthly depreciation on the sales facility is $12,000. Robinson pays no income tax. Robinson Shutters Corporation Statement of Financial Position March 31, 2025 Assets Cash Accounts Receivable, net of Allowance for Uncollectible Accounts Inventory Property, Plant & Equipment, net of $598,000 accumulated depreciation Total Assets $41,800 $224,200 $96,000 $1,138,000 $1,500,000 Liabilities and Shareholders' Equity Accounts Payable Common Stock, $1 par value Additional Pain-In Capital Retained Earnings Total Liabilities and Shareholders' Equity $232,800 $120,000 $250,000 $897,200 $1,500,000 Required - Answers to parts A, B and C (A) What is the budgeted net income for May? $ (B) What is the budgeted May 31 balance of Accounts Receivable, net of the Allowance for Uncollectible Accounts? $ (C) What is the budgeted May 31 balance of Accounts Payable? $ [