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The total cash collected during January by LaGrange Corporation would be:

The total cash collected during January by LaGrange Corporation would be:

FINANCIAL ACCOUNTING
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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The LaGrange Corporation had the following budgeted sales for the first half of the current year: Cash Sales Credit Sales January $50,000 $150,000 February $55,000 $170,000 March $51,000 $130,000 April $46,000 $131,000 May $56,000 $200,000 $80,000 $250,000 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: 50% in month of sale 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. June The total cash collected during January by LaGrange Corporation would be:
Transcribed Image Text:The LaGrange Corporation had the following budgeted sales for the first half of the current year: Cash Sales Credit Sales January $50,000 $150,000 February $55,000 $170,000 March $51,000 $130,000 April $46,000 $131,000 May $56,000 $200,000 $80,000 $250,000 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: 50% in month of sale 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. June The total cash collected during January by LaGrange Corporation would be:
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