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

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Accounting

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 April May June Cash Sales 50,000 51,000 75,000 Sales on Account 390,000 448,000 425,000 440,000 499,000 500,000 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

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