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The LaGrange Corporation had the following budgeted sales for the first half of the current...

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Accounting

The LaGrange Corporation had the following budgeted sales for the first half of the current year: Cash Sales Credit Sales January $ 40,000 $ 140,000 February $ 45,000 $ 160,000 March $ 39,000 $ 120,000 April $ 34,000 $ 119,000 May $ 44,000 $ 190,000 June $ 70,000 $ 130,000 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: 55% in month of sale 40% in month following sale 5% in second month following sale The accounts receivable balance on January 1 of the current year was $82,000, of which $63,000 represents uncollected December sales and $19,000 represents uncollected November sales. What is the budgeted accounts receivable balance on May 31?

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