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Question 1: Gardner Company expects sales for October of $248,000. Experience suggests that 45% of sales are for cash and 55% are on credit. The company collects 50% of its credit sales in the month of sale and 50% in the month following sale. Budgeted Accounts Receivable on September 30 is $67,000. What is the amount of Accounts Receivable on the October 31 budgeted balance sheet?
Multiple Choice
Option 1: $111,600.
Option 2: $124,000.
Option 3: $67,000.
Option 4: $68,200.
Option 5: $136,400.
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