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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 $ 70,000 $ 170,000 February $ 75,000 $ 190,000 March $ 32,000 $ 150,000 April $ 27,000 $ 112,000 May $ 37,000 $ 220,000 June $ 100,000 $ 60,000 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 35% in month following sale 15% in second month following sale The accounts receivable balance on January 1 of the current year was $65,000, of which $52,000 represents uncollected December sales and $13,000 represents uncollected November sales. The total cash collected during January by LaGrange Corporation would be:

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