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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

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
information has been assembled:
Collections on sales:
45% in month of sale
35% in month following sale
20% in second month following sale
The accounts receivable balance on January 1 of the current year was $85,000, of which $55,000 represents uncollected December sales and $30,000
represents uncollected November sales.
The total cash collected during January by LaGrange Corporation would be:
Multiple Choice
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