The LaGrange Corporation had the following budgeted sales for the first half of the current year. Cash Sales Credit Sales January $ 90,000 $ 190,000 February $ 95,000 $ 210,000 March $ 47,000 $ 170,000 April $ 42,000 $ 127,000 May $ 52,000 $ 240,000 June $ 120,000 $ 210,000 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 sales: 50% in month of sale 25% in month following sale 25% in second month following sale The accounts receivable balance on January 1 of the current year was $73,000, of which $46,000 represents uncollected December sales and $27.000 represents uncollected November sales. What is the budgeted accounts receivable balance on May 317 Multiple Choice $151,750 $276,500 $124,750 $120,000