Mitchell Company had the following budgeted sales for the last half of last year: Cash Sales Credit Sales July $90,000 $190,000 August $95,000 $210,000 September $52,000 $170,000 October $57,000 $152,000 November $67,000 $240,000 December $120,000 $420,000 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 25% in month of following sales 25% in second month following sales What is the budgeted accounts receivable balance on December 1?