PRO FORMA ACCOUNTS RECEIVABLE BALANCE CALCULATION

On March 31, 2013, Mikes bike shop has outstanding accounts receivable of $17,500. Mike's sales are roughly evenly split between credit and cash sales, with the credit sales collected hald in the month after the sale and the remainder 2 months after the sale. Historical and projected sales for the bike shop are given here.

MONTH SALES MONTH SALES

January $15,000 March $25,000

February $20,000 April (projected) $29,000

A-UNDER THESE CIRCUMSTANCES, WHAT SHOULD THE BALANCE IN ACCOUNS RECEIVABLE BE AT THE END OF APRIL? $_______________ ROUND TO THE NEAREST DOLLAR.

B-HOW MUCH CASH DID MIKE'S REALIZE DURING APRIL FROM SALES AND COLLECITONS? $______________ ROUND TO THE NEAREST DOLLAR.