Business, 07.04.2020 17:53 ashiteru123
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 $ 35,000 $ 120,000 April $ 30,000 $ 115,000 May $ 40,000 $ 190,000 June $ 70,000 $ 90,000 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: 40% in month of sale 45% in month following sale 15% in second month following sale The accounts receivable balance on January 1 of the current year was $66,000, of which $51,000 represents uncollected December sales and $15,000 represents uncollected November sales. The total cash collected during January by LaGrange Corporation would be:a.$224,000 b.$194,000 c.$85,000 d.$149,250
Answers: 2
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The LaGrange Corporation had the following budgeted sales for the first half of the current year: Ca...
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