The LaGrange Corporation had the following budgeted sales for the first half of the current...
50.1K
Verified Solution
Link Copied!
Question
Accounting
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 5170,000 March $34,000 $130,000 April $29,000 $114,000 May $39,000 $200,000 June $80,000 $80,000 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: 40% in month of sale 30% in month following sale 30% in second month following sale The accounts receivable balance on January 1 of the current year was $65.000, of which $54000 represents uncollected December sales and $11000 represents uncoilected November sales The total cash collected during January by Logange Corporation would be
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
