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JRS Medical Supplies is preparing a budget for the second quarter of the current calendar year. The March ending inventory of medical supplies was $106,000, which was higher than expected. The company prefers to carry ending inventory amounting to the expected sales volume of the next 2 months. Purchases of merchandise are paid half in the month of purchase and half in the month following purchase, and the balance due on accounts payable at the end of March was $24,000. Budgeted sales are as follows.
Assume that the accounts receivable balance on April 1 was $35,000 and that three fourths of all customers pay in the month of sale and one fourth in the month following the sale.
What are cash receipts from accounts receivable for April, May, and June?
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