Use the following information to answer questions 6 and 7: TopOne Hundred Company has the following budgeted sales for the last half of next year: Cash Sales Credit Sales July .......... August............ September..... October.......... November...... December..... $50,000 $55,000 $45,000 $50,000 $60,000 $80,000 $150,000 $170,000 $130,000 $145,000 $200,000 $350,000 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: 70% in month of sale 20% in month following sale 10% in second month following sale #6. The total cash receipts during November would be (choose the closest answer): a) $236,500 b) $229,500 c) $182,000 d) $242,000 e) $337,000 #7. What is the budgeted accounts receivable balance on December 31 (choose the closest answer)? a) $215,000 b) $125,000 c) $94,500 d) $160,000 e) $100,000