Questions by akeem.fritsch - Page 25
The LaGrange Corporation had the following budgeted sales for the first half of the current year: Cash Sales Credit Sales January $80,000 $180,000 February $85,000 $200,000 March $48,000 $160,000 April $43,000 $128,000 May $53,000 $230,000 June $110,000 $220,000 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: 50% in month of sale 40% in month following sale 10% in second month following sale The accounts receivable balance on January 1 of the current year was $75,000, of which $47,000 represents uncollected December sales and $28,000 represents uncollected November sales. The total cash collected during January by LaGrange Corporation would be:___________