Required information TES-633 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-633 Inc. Balance Sheet March 31 Assets Cash Accounts receivable Inventory Plant and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 83,000 126,000 69,750 220,000 $ 498,750 $ 81,000 348,000 69,750 $ 498,750 TES-633 accountants have made the following estimates: 1. Sales for April, May, June, and July will be $310,000, $330,000, $320,000, and $340,000, 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