Multiple Choice$274,000$233,000$100,000$209,000 The LaGrange Corporation had the following budgeted sales for the first half of the current year.Cash Sales Credit Sales$60,000$65,000JanuaryFebruaryMarchAprilMayJune$44,000$39,000$49,000$90,000$160,000$180,000$140,000$124,000$210,000$180,000Collections on sales:50% in month of sale45% in month following sale5% in second month following saleHelp Save & ExitThe company is in the process of preparing a cash budget and must determine the expected cash collections by month. To this end, the followinginformation has been assembled:The accounts receivable balance on January 1 of the current year was $74,000, of which $50,000 represents uncollected December sales and$24,000 represents uncollected November sales.The total cash collected during January by LaGrange Corporation would be:

Here in this question, the total cash collected during January would be -Cash collected from cash…

January February March April May June oration had the following budgeted sales for the first half of the current year: Cash Sales Credit Sales $60,000 $160,000 $65,000 $180,000 $44,000 $39,000 $49,000 $90,000 $140,000 $124,000 Collections on sales: 50% in month of sale 45% in month following sale 5% in second month following sale $210,000 $180,000 The company is in the process of preparing a cash budget and must determine the expected cash collections by month. To this end, the followe information has been assembled: The accounts receivable balance on January 1 of the current year was $74,000, of which $50,000 represents uncollected December sales an $24,000 represents uncollected November sales. The total cash collected during January by LaGrange Corporation would be:

January February March April May June oration had the following budgeted sales for the first half of the current year: Cash Sales Credit Sales $60,000 $160,000 $65,000 $180,000 $44,000 $39,000 $49,000 $90,000 $140,000 $124,000 Collections on sales: 50% in month of sale 45% in month following sale 5% in second month following sale $210,000 $180,000 The company is in the process of preparing a cash budget and must determine the expected cash collections by month. To this end, the followe information has been assembled: The accounts receivable balance on January 1 of the current year was $74,000, of which $50,000 represents uncollected December sales an $24,000 represents uncollected November sales. The total cash collected during January by LaGrange Corporation would be:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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