Richards Corporation has the following budgeted sales for the first half of next year:

Cash Sales Credit Sales January $80,000 $350,000

February $60,000 $200,000

March $50,000 $145,000

April $45,000 $130,000

May $55,000 $170,000

June $50,000 $150,000 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: The accounts receivable balance on January 1 is $70,000. Of this amount, $60,000 represents uncollected December sales and $10,000 represents uncollected November sales.

Compute the total cash collected during January.

Compute the budgeted accounts receivable on May 30^th.