Wateredge Corporation has budgeted a total of $359,800 in costs and expenses for the upcoming quarter. Of this amount, $44,800 represents depreciation expense and $7,100 represents the expiration of prepayments. Wateredge's current payables balance is $263,000 at the beginning of the quarter. Budgeted payments on current payables for the quarter amount to $368,000. The company's estimated current payables balance at the end of the quarter is:

Multiple Choice

• $210,000.

• $202,900.

• $307,800.

• $254,800.

Ross Corporation makes all sales on account. The June 30th balance sheet balance in its accounts receivable is $490,000, of which $285,000 pertain to sales that were made during June. Budgeted sales for July are $1,340,000. Ross collects 70% of sales in the month of sale; 20% in the following month; and the final 10% in the second month after the sale.

What is the budgeted balance of Ross's accounts receivable as of July 31?

Multiple Choice

• $1,200,000

• $1,015,500

• $1,223,000

• $497,000