Tafoya Company Budget

22. The Tafoya Company has budgeted the following sales for the 1st quarter of 2008: January $80,000 February $70,000 March $90,000 All sales are made on account. The company expects to collect 40% of sales on account in the month of the sale, 50% in the month following the sale, and the final 10% two months following the sale. Bad debts are immaterial to the budget. The balance in accounts receivable at the end of March will be: A, $61,000 B. $54,000 C. $71,000 D. $64,000