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need step The LaGrange Corporation had the following budgeted sales for the first half...

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Accounting

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The LaGrange Corporation had the following budgeted sales for the first half of the current year: 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 45% in month following sale 5% in second month following sale The accounts receivable balance on January 1 of the current year was $74,000, of which $50,000 represents uncollected December sales and $24,000 represents uncollected November sales. What is the budgeted accounts receivable balance on May 31

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