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

See similar textbooks

Similar questions

Harrti Corporation has budgeted for the following sales: July August September $446,200 $581,200 $615,600 $890,600 $736,000 $696,000 October November December Sales are collected as follows: 10% in the month of sale; 60% in the month following the sale; and the remaining 30% in the second month following the sale. In Harrti's budgeted balance sheet at December 31, at what amount will accounts receivable be shown?
Please avoid solutions image based thank you
Cash Budget Capstone Inc. collects 85% of its sales on account in the month of the sale and 15% in the month following the sale. If sales on account are budgeted to be $561,000 for September and $656,000 for October, what are the budgeted cash receipts from sales on account for October?$fill in the blank 1
Based on the following data, prepare a cash budget (in proper form with labels) for July and August. Forecast sales May $12,000 June 15,000 July $16,000 August $12,000 Cash sales are 30% of total sales. Credit sales are collected as follows: 60% one month after the sale and 40% 2 months after the sale Accounts payable are paid 100% 2 months after the purchase Expected A/P May $5,000 June $6,000 July $7,000 August $8,000 In addition to purchases, there are utility bills of $1,500 each month Beginning cash for July is $3,800
A corporation makes collections on sales according to the following schedule: 45% in month of sale 53% in month following sale 2% in the second month following sale The following sales have been budgeted: Sales April $220,000 May $150,000 June $140,000 Budgested cash collections in June would: ___________________________
TCB Inc. prepared the following sales budget: October November December January February Month Cash Sales Credit Sales $225,000 $180,000 $330,000 $210,000 $135,000 $190,000 $142,000 $210,000 $168,000 $265,000 Collections on credit sales are 50% in the month of sale, 40% in the month following the sale, and 10% in the second month following the sale. Calculate the budgeted total cash receipts for the December cash budget. $325,000 $197,000 $332,000 $135,000
Budgeted sales are: M h August September $13,000 October $20,000 November $16,000 December $11,000 You collect 50% of sales revenue as cash in the month of the sale, 30% in the following month, and 20% two months after the sale. Sales revenue $15,000 a) Compute budgeted cash inflows for October and November: October = $(No Response) November = $(No Response) Remember to go backwards in time: e.g., 30% of September revenue is collected in the following month (October). This implies that cash inflows for October include 3 b) According to the income statement, a firm is profitable in the current year. Can the firm run out of cash during the year? Ο NO O YES What are some examples of how a firm could run out of cash? (select all that apply) Rapid sales growth: A firm incurs many cash outflows in advance to generate sales (e.g., salaries, payments to suppliers), and it collects cash inflows from sales wi increase cash outflows today, but the corresponding cash inflows will increase with a…
Please do not give image format
Saratoga Company budgeted the following information for 2022 : May June July Budgeted purchases of merchandise $105,500 $110,500 $101,500 Cost of goods sold is 40% of sales. Accounts payable is used only for merchandise inventory acquisitions. Sarasota purchases and pays for merchandise 60% in the month of acquisition and 40% in the following month. Selling and administrative expenses are budgeted at $32,000 for May and are expected to increase 5% per month. These expenses are paid during the month when incurred. In addition, depreciation is budgeted at $10,000 per month. Income taxes are $39,100 for July and are paid in the month incurred. Compute the amount of budgeted cash disbursements for July.
Photo attached
Hiking General Store prepared the following sales budget: MONTH BUDGETED SALES MARCH RM4,000.00 APRIL RM14,000.00 MAY RM12,000.00 JUNE RM16,000.00 The expected gross profit rate is 30% and the inventory at the end of February was RM14,000. Desired inventory levels at the end of the month are 10% of the next month Cost Of Good Sold. Compute the total purchase budgetedfor April for Hiking General Store. Support your answer with explaination.
A company's budgeted sales and cash collections for Quarter 1 are listed below: January February March Cash Sales $93,000 $100,000 $85,000 Collections on credit sales are as follows: Month of sale A month after sale Second month after sale $1,278,000 $335,000 $428,000 $126,500 Credit Sales Answer. (Click to select) www.m (Click to select) None of the answers are correct. ? $260,000 $195,000 v Total Sales The accounts receivable balance on January 1 is $175,000, of which $75,000 represents uncollected December sales and $100,000 represents uncollected November sales astur um al Q. If the total cash collected in March was $320,000, then total January sales must have been: $360,000 $280,000 50% 40% 10%