Sequoia Furniture Companys sales over the past three months, half of which are for cash, were as follows: March April May $410,000 $660,000 $530,000 a. Assume that Sequoias collection period is 60 days. What would be its cash receipts in May? What would be its accounts receivable balance at the end of May? b. Now assume that Sequoias collection period is 45 days. What would be its cash receipts in May? What would be its accounts receivable balance at the end of May?