Quiz 3 (Chapters 7,8,&10) 7 The LaGrange Corporation had the following budgeted sales for the first half of the current year: Cash Sales Credit Sales January February $ 70,000 $ 170,000 $ 75,000 $ 190,000 00:31:56 March April May $ 45,000 $ 150,000 $ 40,000 $ 125,000 $ 50,000 $220,000 June $ 100,000 $ 190,000 Saved 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: 45% in month of sale 40% in month following sale 15% in second month following sale The accounts receivable balance on January 1 of the current year was $69,000, of which $44,000 represents uncollected December sales and $25,000 represents uncollected November sales. What is the budgeted accounts receivable balance on May 31? Multiple Choice $121,000 $254,500 $139,750 $114,750 Help Save & Exit Submit