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Required information The following information applies to the questions displayed below.) I lamby Corporation is a merchandising company that is preparing a master budget for

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Required information The following information applies to the questions displayed below.) I lamby Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company's balance sheet as of June 30th is shown below: Hamby Corporation Halance Sheet June 20 Assets Cash receivable 2. Plant and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Arcounts stock Relained earrings Total liabilities and stockholders' equity $93,000 127,000 45, ees 219, $ 484, 288 Coments Payable $ 87, cea 338, BAR 71,888 5484, The company managers have made the following additional assumptions and estimates: 1. Estimated sales for July, August, September, and October will be $300,000, $320,000, $310,000, and $330,000, respectively, 2. All sales are on credit and all credit sales are collected. 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 June 30 will be collected in July 3. Each month's ending inventory must equal 25% of the cost of next month's seles. The cost of goods sold is 60% of sales. The company peys for 40% of its merchandise purchases in the month of the purchase and the remaining 60% in the month following the purchase. All of the accounts payable at June 30 will be paid in July. 4. Murillily selling and administrative expenses are always S56.000. Each month $6,000 of this loll arrounl is depreciation expense and the remaining $50,000 relales lo experses that are paid in the month they are incurred. 5. The company does not plan to borrow money or pay or declare dividends during the quarter ended September 30. The company does not plan to issue any common stock or repurchase its own stock during the quarter ended September 30. How much is the Company's expected Accounts Receivable balance on September 30

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