Consider the following information for a given company: Month Cash Sales Credit Sales Jan Feb $80,000 $60,000 $50,000 $45,000 $350,000 $200,000 $145,000 Mar Apr $130,000 May $55,000 $170,000 $150,000 Jun $50,000 The firm's collection pattern is as follows: 60% in the month of sale 30% one month following sale 10% two months following sale The accounts receivable balance on 1 Jan is $70,000. Of this Consider the following information for a given company: Month Cash Sales Credit Sales Jan Feb $80,000 $60,000 $50,000 $45,000 $350,000 $200,000 $145,000 Mar Apr $130,000 May $55,000 $170,000 $150,000 Jun $50,000 The firm's collection pattern is as follows: 60% in the month of sale 30% one month following sale 10% two months following sale The accounts receivable balance on 1 Jan is $70,000. Of this