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Willy Wonka has obtained the following sales forecast data: April May June July Cash Sales $80,000 $70,000 $50,000 $60,000 Credit Sales $340,000 $320,000 $280,000 $300,000 The regular pattern of collection of credit sales is 25% in the month of sale and 75% in the month following the month of sale. There are no bad debts. The budgeted accounts receivable balance on June 30th is: a. $225,000 b. $70,000 c. $247,500 d. $210,000 Joann's has budgeted to make the following material purchases during the next four months: January $45,600 February $55,000 March $52,300 April $30,800 Joann's pays for 60% of the purchases in the month of purchase and 40% in the following month. Accounts payable at the end of March would be: a. $20,920 b. $39,400 c. $52,300 d. $30,800