4.MC Qu. 80 Richards Corporation had the following budgeted sales...

Richards Corporation has the following budgeted sales for the first half of next year:

	Cash Sales	Credit Sales
January	$30,000	$130,000
February	$35,000	$150,000
March	$41,000	$110,000
April	$46,000	$141,000
May	$56,000	$180,000
June	$60,000	$310,000

The company is in the process of preparing a cash budget and must determine the expected cash collections by month. To this end, the following information has been assembled:

Collections on credit sales:

50% in month of sales

40% in month of following sales

10% in second month following sales

The accounts receivable balance on January 1 is $71,000. Of this amount, $56,000 represents uncollected December sales and $15,000 represents uncollected November sales.

What is the budgeted accounts receivable balance on May 30?

A) $56,000

B) $104,100

C) $90,000

D) $160,100