The LaGrange Corporation had the following budgeted sales for the first half of the current year:
Cash Sales Credit Sales
January $ 80,000 $ 180,000
February $ 85,000 $ 200,000
March $ 46,000 $ 160,000
April $ 41,000 $ 126,000
May $ 51,000 $ 230,000
June $ 110,000 $ 200,000
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
50% in month following sale
5% in second month following sale
The accounts receivable balance on January 1 of the current year was $81,000, of which $55,000 represents uncollected December sales and $26,000 represents uncollected November sales.
The total cash collected during January by LaGrange Corporation would be .
Answers: 3
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The LaGrange Corporation had the following budgeted sales for the first half of the current year:
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