Richards Corporation had the following budgeted sales for the first half of next year: Cash Sales Credit Sales January $70,000 $170,000 February $75,000 $190,000 March $50,000 $150,000 April $55,000 $150,000 May $65,000 $220,000 June $100,000 $400,000 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 40% in month of following sales 15% in second month following sales The accounts receivable balance on January 1 is $80,000. Of this amount, $44,000 represents uncollected December sales and $36,000 represents uncollected November sales. What is the budgeted accounts receivable balance on May 30? $143,500 $121,000 $187,500 $44,000