The LaGrange Corporation had the following budgeted sales for the first half of the current 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 following information has been assembled: Collections on sales: 50% in month of sale 40% in month following sale 10% in second month following sale The accounts recelvable balance on January 1 of the current year was $72,000, of which $56,000 represents uncollected December sales and $16,000 represents uncollected November sales. What is the budgeted accounts recelvable bolance on May 31? Multiple Choice $101,600 $85,600 $187,200 $90,000