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

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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: 45% in month of sale 35% in month following sale 20% in second month following sale The accounts receivable balance on January 1 of the current year was $85,000, of which $55,000 represents uncollected December sales and $30,000 represents uncollected November sales. What is the budgeted accounts recelvable balance on May 31 ? What is the budgeted accounts receivable balance on May 31? Multiple Choice $111,500 $253,000 $141,500 $115,500

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