sovee 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. Huby Corporation Balance Sheet $ 75,00 140,000 66,500 Assets Cash Accounts receivable Inventory Plant and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 500,00 $ 8.000 311,000 109,00 $50, 500 The company managers have made the following additional assumptions and estimates 1. Estimated sales for July August September, and October will be $380,000 $400.000 $390,000 and $410.000, 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 other recebe June 30 will be collected in July 3. Each month's ending inventory must equal 25% of the cost of next month's sales. The cost of goods sold is 70% of sales. The company pays for 40% 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 4 Monthly selling and administrative expenses are always $52.000 Each month $7000 of this total amount is depreciation expense and the remaining 545.000 open that repede 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 say common stock phase stock during the quarter ended September 30 How much is the Company's expected Accounts Receivable balance on September 307 01:14:51 June 30 will be collected in July 3. Each month's ending inventory must equal 25% of the cost of next month's sales. The cost of goods sold is 70% of sales. The con the purchase and the remaining 60% in the month following the purchase. All of the accounts payable at June 30 will be paid in 4. Monthly selling and administrative expenses are always $52.000 Each month $7000 of this total amount is depreciation expen 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 compo stock during the quarter ended September 30 How much is the Company's expected Accounts Receivable balance on September 30? Multiple Choice $136.500 5253 500 $260.000 $396,500