Problem - Shown below are the budgeted sales for ABC Company for the next six months:
Sales for Cash Sales on Account
January $18,000 $ 70,000
February $19,000 $ 90,000
March $24,000 $130,000
April $15,000 $100,000
May $26,000 $120,000
June $14,000 $ 95,000
On average, 40% of the sales on account are collected in the month of sale, 30% are collected in the month following sale, 10% are collected in the second month following sale, and the remaining 20% is collected three months after the month of sale.
Calculate ABC Company's budgeted accounts receivable at June 30. Do not use decimals in your answer.