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: 45% in month of sale 35% in month following sale 20% in second month following sale the accounts receivable balance on january 1 of the current year was $85,000, of which $55,000 represents uncollected december sales and $30,000 represents uncollected november sales. what is the budgeted accounts receivable balance on may 31