Nieto Company's budgeted sales and inventory purchases are as follows for Mar 31, 2017.

Budgeted Sales Budgeted Purchases

January $200,000 $30,000

February 220,000 36,000

March 250,000 38,000

Sales are collected 60 percent in the month of sale and 40 percent in the next month following sale. Purchases on account are paid 40 percent in the month of purchase, and 60 percent in the month following purchase.

Instructions

(a) Prepare a schedule of expected collections from customers for March. (4)

(b) Prepare a schedule of expected payments for direct materials for March. (4)

(c) What is the amount of Accounts Receivable to be reported in balance sheet of Mar 31, 2017?(2)

(d) What is the amount of Accounts Payable to be reported in balance sheet of Mar 31, 2017?(2)