(Appendix 10A) Taft Corporation Collects Cash from Customers as Follows $$\begin{array} { l r } \text { May } & \$ 600,000 \\\text { June } & 700,000 \\\text { July } & 500,000 \\\text { August } & 600,000\end{array}$$

Multiple Choice

(Appendix 10A) Taft Corporation collects cash from customers as follows: 60% in the month of sale, 20% in the month after sale, 19% in the second month after sale, and 1% is never collected. Bad debts are written off annually in December. Budgeted sales are all on credit and amount to: $$\begin{array} { l r } \text { May } & \$ 600,000 \\\text { June } & 700,000 \\\text { July } & 500,000 \\\text { August } & 600,000\end{array}$$ What is the budgeted amount of accounts receivable at the end of August?

A) $353,000
B) $340,000
C) $329,000
D) $377,000