barnhill1801 barnhill1801

23-12-2022
Business

Answered

The LaGrange Company had the following budgeted sales for the first half of the current year:
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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:
60% in month of sale
30% in month following sale
10% in second month following sale
The accounts receivable balance on January 1 of the current year was $70,000, of which $50,000 represents uncollected December sales and $20,000 represents uncollected November sales.

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