The LaGrange Corporation had the following budgeted sales for the first half of the current...
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Accounting
The LaGrange Corporation had the following budgeted sales for the first half of the current year: 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 informati has been assembled: Collections on sales: 45% in month of sale 35% in month following sale 20% in second month following sale The accounts recelvable balance on January 1 of the current year was $71,000, of which $55,000 represents uncollected December sales and $16,000 represents uncollected November sales. The total cash collected during January by LaGrange Corporation would be: The total cash collected during January by LaGrange Corporation would be: Multiple Choice $195,000 $100,000 $168,500 $241,000
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