Required information TES-609 Inc. is a retailer. Its accountants are preparing the company's 2nd quarter master budget. The company has the following balance sheet as of March 31. TES-609 Inc. Balance Sheet March 31 Assets Cash Accounts receivable Inventory Plant and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Common stock Accounts payable Retained earnings Total liabilities and stockholders' equity $ 82,000 129,000 52,500 217,000 $ 480,500 $ 78,000 347,000 55,500 $ 480,500 TES-609 accountants have made the following estimates: 1. Sales for April, May, June, and July will be $280,000, $300,000, $290,000, and $310,000, respectively. 2. All sales are on credit. Each month's credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the accounts receivable at March 31 will be collected in April. 3. Fach month's ending inventory must equal 25% of next month's cost of goods sold. The