QUESTION 7 You plan on starting a lawn mowing business by investing $700 of your own money and purchasing $500 of equipment. You plan to work 230 hours in your first month and 70 hours in your second month of business. You charge your customers $17 per hour. Your anticipated costs include: Advertising Gas Depreciation Assistant's Wages Miscellaneous Expenses $5 per month $1.50 per hour $25 per month $7.00 per hour $50 per month You plan on collecting 90% of your sales in the month you mow the lawn and the remainder in the following month. Calculate the accounts receivable balance at the end of your first month of business. 1 pc

You plan on starting a lawn mowing business by investing $700 of your own money and purchasing $500 of equipment. You plan to work 230 hours in your first month and 70 hours in your second month of business. You charge your customers $17 per hour. Your anticipated costs include: You plan on collecting 90% of your sales in the month you mow the lawn and the remainder in the following month. Calculate the accounts receivable balance at the end of your first month of business