Mitchell Company had the following budgeted sales for the last half of last year: 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 Assume that the accounts receivable balance on July 1 was $75,000. Of this amount, $60,000 represented uncollected June sales (which were $150,000 ) and $15,000 represented uncollect May sales. Question What is the budgeted accounts receivable balance on November 30 ? \begin{tabular}{c} \hline$80,000 \\ \hline$140,000 \\ \hline$94,500 \\ \hline$131,300 \end{tabular}