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The LaGrange Corporation had the following budgeted sales for the first haif of the current year The company is in the process of preparing a
The LaGrange Corporation had the following budgeted sales for the first haif 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 foliowing information has been assembled: Collections on sales: 40% in month of sale 40% in month following sale 20% in second month following sale The accounts recelvable belance on January 1 of the current year was $81,000, of which $60.000 represents uncollected December sales and $21,000 represents uncollected November sales. What is the budgeted accounts recelvable balance on May 31
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