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With solution or explanation The Le Amore Company had the following budgeted sales for the...

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Accounting

With solution or explanation The Le Amore Company had the following budgeted sales for the first half of the current year: Cash Sales Credit Sales January P70,000 P340,000 February 50,000 190,000 March 40,000 135,000 April 35,000 120,000 May 45,000 160,000 June 40,000 140,000 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: 60% in month of sale 30% in month following sale 10% in second month following sale The accounts receivable balance on January 1 of the current year was P70,000, of which P50,000 represents uncollected December sales and P20,000 represents uncollected November sales. The total cash collected by Le Amore Company during the month of January would be: B. P254,000 D. P331,500

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