Verna's makes all sales on account, subject to the following collection pattern: 25% are collected in the

Question:

Verna's makes all sales on account, subject to the following collection pattern: 25% are collected in the month of sale; 60% are collected in the first month after sale; and 15% are collected in the second month after sale. If sales for October, November, and December were $77,000, $67,000, and $57,000, respectively, what was the budgeted receivables balance on December 31?