The LaGrange Corporation had the following budgeted sales for the first half of the current year Cash Sales $ 50,000 $ 55,000 January February March April May June Collections on sales: 50% in month of sale 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: Multiple Choice O 30% in month following sale 20% in second month following sale The accounts receivable balance on January 1 of the current year was $81,000, of which $50,000 represents uncollected December sales and $31,000 represents uncollected November sales. What is the budgeted accounts receivable balance on May 31? O $95,200 $221,400 $ 51,000 $ 46,000 $ 56,000 $ 80,000 $100,000 Credit Sales $ 150,000 $ 170,000 $126,200 $ 130,000 $ 131,000 $ 200,000 $ 250,000

The LaGrange Corporation had the following budgeted sales for the first half of the current year Cash Sales $ 50,000 $ 55,000 January February March April May June Collections on sales: 50% in month of sale 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: Multiple Choice O 30% in month following sale 20% in second month following sale The accounts receivable balance on January 1 of the current year was $81,000, of which $50,000 represents uncollected December sales and $31,000 represents uncollected November sales. What is the budgeted accounts receivable balance on May 31? O $95,200 $221,400 $ 51,000 $ 46,000 $ 56,000 $ 80,000 $100,000 Credit Sales $ 150,000 $ 170,000 $126,200 $ 130,000 $ 131,000 $ 200,000 $ 250,000

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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