Laura Falk, Bates & Hill Fabricators' accounts receivable manager, has just received the company's sales...
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Laura Falk, Bates & Hill Fabricators' accounts receivable manager, has just received the company's sales budget for the first quarter. The company makes all sales on credit. Laura recently reviewed the company's collection history and found that 70% of the sales are collected in the month of the sale, 26% of sales are collected in the month following the sale, and 4% of sales are uncollectible. The company expects to have an accounts receivable balance of $42, 705 on January 1, and this amount represents the remaining receivables from December's sales. Prepare Bates & Hill's cash receipts budget for the first quarter. (Round answers to 0 decimal places, e.g. 5, 275. Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.) Calculate accounts receivable balance at the end of the month of March
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