Mitchell company had the following budgeted sales for the last quarter of the year: October $145,000 November $200,000 December $350,000 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 credit sales: 60% in month of sale 30% in month following sale 10% in second month following sale. What is the budgeted accounts receivable balance on December 31st? A. $80,000 B. $140,000 C. $94,500 D. $160,000