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	$32,000	$150,000
April	$37,000	$132,000
May	$47,000	$220,000
June	$100,000	$220,000

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

40% in month of following sales

10% in second month following sales

The accounts receivable balance on January 1 is $62,000. Of this amount, $47,000 represents uncollected December sales and $15,000 represents uncollected November sales.

What is the budgeted accounts receivable balance on May 30?

$123,200

$170,200

$47,000

$110,000