Kelley Corporation had the following budgeted sales for the given months:

Cash Sales Credit Sales

July $45,000 $262,000

August $51,000 $260,000

September $53,000 $236,000

October $40,000 $237,000

November $32,000 $217,000

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: The Accounts Receivable balance on July 1 was $84,990. Of this amount, $63,990 represented uncollected June sales and $21,000 represented uncollected May sales.

Collections on Credit sales:

55% in month of sale

30% in month following sale

15% in second month following sale

Given these data, the total cash collected during July would be: $Answer