The Stephenson Company has planned the following sales for the next three months:

January- $40,000

February-$50,000

March-$70,000

Sales are made 20% on cash and 80% on account. From experience, the company has learned that a month's sales on account are collected according to the following pattern:

Month of sale- 60%

First month following sale- 30%

Second month following sale-8%

Uncollectible- 2%

The company is required a minimum cash balance of $5,000 to start a month. The beginning cash balance in March is budgeted to be $6,000.

What is the amount of accounts receivable that will be reported on the Stephenson's Company Statement of Financial Position for the quarter ended March 31?