Mitchell Company had the following budgeted sales for the last half of last year:

	Cash Sales	Credit Sales
July	$70,000	$170,000
August	$75,000	$190,000
September	$37,000	$150,000
October	$42,000	$137,000
November	$52,000	$220,000
December	$100,000	$270,000

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:

50% in month of sales

35% in month of following sales

15% in second month following sales

What is the budgeted accounts receivable balance on December 1?

$151,300

$110,000

$126,500

$130,550