You are provided with the following information taken from Larkspur, Inc.'s March 31, 2017, balance sheet. 12,100 Cash Accounts receivable 20,660 36,530 Inventory Property, plant, and equipment, net of depreciation 121,100 22,810 Accounts payable 152,200 Common stock Retained earnings 11,690 Additional information concerning Larkspur, Inc. is as follows 1. Gross profit is 27% of sales 2. Actual and budgeted sales data $47,400 March (actual) April (budgeted) 71,600 3. Sales are both cash and credit. Cash collections expected in April are: $18,960 (40% of $47,400) March April 42,960 (60% of $71,600) $61,920