Question 2 (5 points) As of January 1 of the current year, Gunner Company had accounts receivable of $50,000. The sales for January, February, and March were $120,000, $140,000, and $150,000, respectively. Of cach month's sales, 20% are for cash. Of the remaining 80% (the credit sales), 60% are collected in the month of sale, with the remaining 40% collected in the following month. What is the accounts receivable balance as of March 31? O $72,000 O $48,000 $58,720 O $60,000 Question 3 (5 points) Use the information for the company below to answer the questions that follow. A company is preparing its cash budget. Its cash balance on January 1 is $290,000, and it has a minimum cash requirement of $340,000. The following data have been provided: Cash receipts Cash payments January $1,061,200 984,500 February $1,182,400 1,210,000 March $1,091,700 1,075,000 What is the amount of the deficiency or excess cash (after considering the minimum cash balance required) for January? excess of $26,700 deficiency of $136,700 O excess of $356,700 excess of $60,000