Cathy Company makes all sales on account, subject to the following collection pattern: . 10% are collected in the month of sale . 70% are collected in the first month after sale 20% are collected in the second month after sale If budgeted sales for October, November, and December are $40,000, $50,000, and $60,000, respectively, what is the budgeted accounts receivable balance on December 31? $60,000 $54,000 O $75,000 $64,000 O $70,000