Requlred information TES 657 inc: is a retalec, its accountants are preparing the companys 2nd quarter master budqet. The compary has the following balance sheet as of March 31. ES- 657 accountants have made the foliowing estimates: 1. Sales for Aprii, May, June, and July will be $400,000,$420,000,$410,000, and $430,000, tespectively. 2. All sales are of credit. Each month's credit saies are collected 35% in the month of saie and 65% in the month following the sale. Ali of the accounts recelvable at March 31 will bo collected in Apnit. 3. Each monta's ending inventory must equal 25% of next month's cost of goods soldi The cost of goods sold is 75 thi of sales. The compary poys for 40% of its merchandise purchases in the month of the purchase and the remaining 60% in the month following the purchase. Al of the accounts payable at March are related to previous merchandise purchases and wit be paid in Agrll. TES. 657 accountants have made the following estimates: 1. Sales for April, May, June, and July wil be $400,000,$420,000,5410,000, and $430,000, 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. Each month's ending imventory must equal 25% of next month's cost of goods sold. The cost of goods sold is 75% of sales. The company pays 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 poyable at March 31 are related to previous merchandise purchases and will be paid in April. 4. Monthly selling and administrative expenses are always $56,000. Each month $8,000 of this total amount is depreclation expense and the remaining $48,000 is spent for expenses that are paid in the month they are incurred 5. The company will not borrow money or poy or declare dividends during the Znd quarter. The company will not issue dny common stock or repurchase its own stock during the 2 nd quarter. How much is the company's expected Accounts Recelvable balance on June 30 ? Mucipie choice 5273,000 Multiple Choice $273,000 $416,500 $266,500 5143,500