Use the following information to answer questions 2 and 3: ToponeHundred Company has the following budgeted sales for the last half of next year Credit Sales Cash Sales $150,000 $170,000 $130,000 $145,000 $200,000 $350,000 July - August. September. October. November. $50,000 $5,000 $45,000 $50,000 $60,000 $80,000 December. The company is in the process of preparing a cash budget and must determine the expected cash collections by month. To this end, the following information has been assembled: Collections on credit sales: 60% in month of sale 30% in month following sale 10% in second month following sale #2. The total cash receipts during November would be (choose the closest answer): a) $236,500 b) $229,500 c) $242,000 d) $200,000 e) $176,500 # 3. What is the budgeted accounts receivable balance on December 31 (choose the closest answer)? a) $215,000 b) $140,000 c) $125,000 d) $160,000 e) $100,000