The LaGrange Corporation had the following budgeted sales for the fitst half of the curtent year: The company is in the process of preparing a cash budget and must determine the expected cash collections by month. To this end, the folliowing information has been assembled: Collections on sales: 50% in month of sale: 30% in month following sale 20% in socend month following sale The accounts recelvable balance on January 1 of the current year was $76,000, of which $58,000 represents uncolected December sales and $18,000 represents uncollected November soles. What is the budgeted accounts recevable balance on May 31? Collections on sales: 50 in month or sale 30% in month following sale 20% in second month following sole The accounts receivable balance on January 1 of the current yearwas $76,000, of which $58,000 represents uncoliected December sales and $18,000 represents uncollected November sales. What is the budgeted accounts recelvable balance on May 31 ? Multiple Choice $90.000 $209200 $95,600 $113,600