Business, 13.07.2020 22:01 thelonewolf5020

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:

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The LaGrange Corporation had the following budgeted sales for the first half of the current year: C...