Richards Corporation had the following budgeted sales for the first half of next year: Cash Sales Credit Sales January $40,000 $140,000 February $45,000 $160,000 March $47,000 $120,000 April $52,000 $147,000 May $62,000 $190,000 June $70,000 $370,000 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: 30% in month of sales 35% in month of following sales 35% in second month following sales The accounts receivable balance on January 1 is $80,000. Of this amount, $70,000 represents uncollected December sales and $10,000 represents uncollected November sales. What is the budgeted accounts receivable balance on May 30? $254,450 $70,000 $184,450 $133,000