ring 2020 Help Required information The following information applies to the questions displayed below) Hamby 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 Corporat Balance Sheet June Assets Cach $72,000 accounts receivable 128, Inventory 60,90 Plant and equipment, net of depreciation 218.00 Total assets 1418,90 Liabilities and stockholders fquity $ 3.0 Contact Total liabilities and stockholders' culty The company managers have made the following additional assumptions and estimates 1. Estimated sales for July August September, and October will be $290,000 $310,000, $300,000, and $320.000, respectively 2. All sales are on credit and all credit scles are collected. Each mont's credit sales are collected in the month of sale and 65% in the month following the sale of the accounts receivable at June 30 will be collected in July 3. Each month's ending inventory must equal 30of the cost of next month's sales. The cost of goods sold is 70% 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 payable at June 30 will be paid in July 4. Monthly selling and administrative expenses are always $54,000. Each month $5.000 of this total amount is depreciation expense and the retaining $49.000 relates to expenses that are paid in the money 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 of repurchase its own stock during the quarter ended September 30 How much is the Company's expected Accounts Receivable balance on September 307