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The LaGrange Corporation had the following budgeted sales for the first half of the current year: June Cash Sales Credit Sales January $70,000 $170,000 February $75,000 $190,000 March $45,000 $150,000 April $40,000 $125,000 May $50,000 $220,000 $100,000 $190,000 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: 45% in month of sale 40% in month following sale 15% in second month following sale The accounts receivable balance on January 1 of the current year was $69,000, of which $44,000 represents uncollected December sales and $25,000 represents uncollected November sales. The total cash collected during January by La Grange Corporation would be: Multiple Choice $203.500 $301,000 Collections on sales: 45% in month of sale 40% in month following sale 15% in second month following sale The accounts receivable balance on January 1 of the current year was $69,000, of which $44,000 represents uncollected December sales and $25,000 represents uncollected November sales. The total cash collected during January by LaGrange Corporation would be: Multiple Choice O $200,000 O $30.000 O $80,000 5251000

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