ABC enterprise has total sales for June and July of $40,000 and $35,000, respectively. Cash sales are normally 60% of total sales. Of the credit sales, 40% are collected in the same month as the sale, 50% are collected during the first month after the sale, and the remaining 10% are collected in the second month.

Determine the amount of accounts receivable reported on the company's budgeted balance sheet as of July 31. (Supporting calculations are required)