Richards Corporation has 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	$37,000	$150,000
April	$42,000	$137,000
May	$52,000	$220,000
June	$100,000	$270,000

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

35% in month of following sales

15% in second month following sales

The accounts receivable balance on January 1 is $67,000. Of this amount, $52,000 represents uncollected December sales and $15,000 represents uncollected November sales.

What is the budgeted accounts receivable balance on May 30?

a. $52,000

b. $182,550

c. $130,550

d. $110,000