Richards corporation has the following budgeted sales for the first half of next year: cash sales credit sales january $80,000 $350,000 february $60,000 $200,000 march $50,000 $145,000 april $45,000 $130,000 may $55,000 $170,000 june $50,000 $150,000the 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: 60% in month of sale 30% in month following sale 10% in second month following salethe accounts receivable balance on january 1 is $70,000. of this amount, $60,000 represents uncollected december sales and $10,000 represents uncollected november sales. what is the budgeted accounts receivable balance on may 30? $141,000 $68,000 $81,000 $60,000

$81,000

Explanation:

                           Accounts Receivable Budget

April Accounts Receivable = 10% x 130,000 = $13,000

May Accounts Receivable = 40% x 170,000 = $68,000

Total Accounts Receivables = $(13,000 + 68,000)

Total Accounts Receivables = $81,000

Note: For April: 60% will be collected in the month of April, 30% will be collected in the month of May. Therefore, 10% of credit sale will be uncollected during May.

For May: 60% will be collected in the month of May; therefore, 40% will be uncollected on the month of May.

For March: 60% will be collected on March, 30% will be collected on April, and 10% will be collected on May. Therefore, there will be no accounts receivable balance for March.

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explanation: