The company is in the process of preparing a cash budget and must determine the...
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Accounting
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 assembied: Collections on sales: 55% in month of sale 30% in month following sale 15% in second month following sale The accounts recelvable balance on January 1 of the current year was $68,000, of which $54,000 represents uncollected December sales and $14,006 represents uncollected November sales. The total cash collected during January by LaGrange Corporation would be
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