The LaGrange Corporation had the following budgeted sales for the first half of the current year:
Cash Sales Credit Sales
January $ 70,000 $ 170,000
February $ 75,000 $ 190,000
March $ 27,000 $ 150,000
April $ 22,000 $ 107,000
May $ 32,000 $ 220,000
June $ 100,000 $ 10,000
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
40% in month following sale
10% in second month following sale
The accounts receivable balance on January 1 of the current year was $65,000, of which $47,000 represents uncollected December sales and $18,000 represents uncollected November sales.
What is the budgeted accounts receivable balance on May 31?
Answers: 2
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The LaGrange Corporation had the following budgeted sales for the first half of the current year:
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