value: 3.00 points Richards Corporation has the following budgeted sales for the first half of next year: January February March April May June Cash Sales $80,000 $85.000 $36,000 $41,000 $51,000 $110,000 Credit Sales $180,000 $200,000 $160,000 $136,000 $230,000 $260,000 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 55% in month of sales 30% in month of following sales 15% in second month following sales The accounts receivable balance on January 115 566,000 of this amount. $54,000 represents uncollected December sales and $12,000 represents uncollected November sales. What is the budgeted accounts receivable balance on May 307 $177,900 $103,500 $54.000 $123.900 O MacBook Air 5 AT fab W