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Bright Minds Toy Company prepared the following sales budget for the second quarter. Projected sales...

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Accounting

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Bright Minds Toy Company prepared the following sales budget for the second quarter. Projected sales for each of the first three months of operations are as follows: Sales Budget Cash Sales Sales on Account April May June 85,000 65,000 110,000 425,000 476,000 460,000 510,000 541,000 570,000 Bright Minds expects to collect 70% of the sales on account in the month of sale, 20% in the month following the sale, and the remainder in the second month following the sale. What is the ending accounts receivable balance that would be reported on the pro forma balance sheet prepared as of June 30? Multiple Choice O $185,600 O $136,900 O $317,000 $97,400

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