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Towing Company has budgeted sales For the next six months as follows: Sales For Cash Sales on AccountMay $42,000 $257,000June $37,000 $243,000July $29,000 $238,000August $48,000 $251,000September $52,000 $269,000October $45,000 $263,000 On average, 32% of the sales on account are collected in the month oFsale, 40% are collected in the month Following sale, 16% are collectedin the second month Following sale, 9% are collected in the third monthFollowing sale, and the remaining 3% is collected Four months aFter themonth oF sale. Calculate Towing Company’s budgeted accounts receivable at October 31.
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