Mitchell Company had the following budgeted sales for the last half of last year: Cash Sales Credit Sales July $60,000 $160,000 August $65,000 $180,000 September $55,000 $140,000 October $60,000 $155,000 November $70,000 $210,000 December $90,000 $450,000 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: 45% in month of sales 35% in month of following sales 20% in second month following sales What is the budgeted accounts receivable balance on December 1