As of January 1 of the current year, Gunner Company had accounts receivable of $50,000. The sales for January, February, and March were $120,000, $140,000, and $150,000, respectively. Of each month's sales, 20% are for cash. Of the remaining 80% (the credit sales), 60% are collected in the month of sale, with the remaining 40% collected in the following month. The accounts receivable balance as of March 31 is

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The accounts receivable balance as of March 31 is calculated by considering the credit sales that are not yet collected by the end of March. For March, 80% of $150,000 are credit sales, which is $120,000. Of these, 60% are collected in March, leaving 40% ($48,000) to be collected in April. Additionally, 40% of February's credit sales ($112,000) are collected in March, which is $44,800. The accounts receivable balance at the end of March is the amount from March's credit sales not yet collected, which is $48,000.

As of January 1 of the Current Year, Gunner Company