I need the details answers please. Richards Company had the following budgeted sales for the first half

of 19x7:

Cash Sales Credit Sales

January $80,000 $350,000

February 60,000 200,000

March 50,000 145,000

April 45,000 130,000

May 55,000 170,000

June 50,000 150,000

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 sales: 60% in month of sale

30% in month following sale

10% in second month following sale

1. Assume that the accounts receivable balance on January 1 is $ 70,000. Of this amount, $60,000 represents uncollected December sales and $ 10,000 represents uncollected November sales. Give these data, the total cash collected during January would be:

2. What is the budgeted accounts receivable balance on May 30?