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

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Accounting

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

Cash Sales Credit Sales
January $ 50,000 $ 150,000
February $ 55,000 $ 170,000
March $ 34,000 $ 130,000
April $ 29,000 $ 114,000
May $ 39,000 $ 200,000
June $ 80,000 $ 80,000

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

30% in month following sale

30% in second month following sale

The accounts receivable balance on January 1 of the current year was $65,000, of which $54,000 represents uncollected December sales and $11,000 represents uncollected November sales.

The total cash collected during January by LaGrange Corporation would be:

Garrison 16e Rechecks 2017-10-03, 2017-10-06

Multiple Choice

  • $237,000

  • $90,000

  • $148,000

  • $196,000

Answer & Explanation Solved by verified expert
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