Memphis Company Anticipates Total Sales for April,May,and June of $800,000,$900,000,and

Multiple Choice

Memphis Company anticipates total sales for April,May,and June of $800,000,$900,000,and $950,000 respectively.Cash sales are normally 25% of total sales.Of the credit sales,30% are collected in the same month as the sale,65% are collected during the first month after the sale,and the remaining 5% are collected in the second month.Compute the amount of accounts receivable reported on the company's budgeted balance sheet for June 30.

A) $561,500.
B) $712,500.
C) $463,125.
D) $496,875.
E) $617,500.