Question: A company is preparing its budget. It expects that 75% of its sales will be on credit and 25% will be in cash. It expects

A company is preparing its budget. It expects that 75% of its sales will be on credit and 25% will be in cash. It expects 50% of credit sales to be paid in the month of the sale, 30% in the month following the sale, and the remainder paid two months after the month of the sale. It expects the following sales: Sales March $105,000 April $95,000 May $110,000 June $125,000 July $124,000 August $115,000 September $117,500 What is the companys expected May cash inflow? What is the companys expected accounts receivable balance on July 31?

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