Question

The LaGrange Corporation had the following budgeted sales for the first half of the current year: 3 Cash Credit Sales $ 80,000 $180,000 $ 85,000 $200,000 $ 46,000 $160,000 $ 41,000 $126,000 51,000 $230,000 $110,000 $200,000 Sales January February March April points une Skipped 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 eBook Print 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

Answer 1