A company is preparing its cash receipts budget. It expects that 90% of its sales will be on credit and 10% will be in cash. It expects 70% of its credit sales to be paid in the month of the sale, 25% to be paid in the month following the month of the sale, and the remaining 5% to be paid two months after the month of the sale. It expects the following sales: What is the company's expected accounts receivable balance on July 31? $557,100$167,400$419,850$196,650 None of the above