The LaGrange Corporation had the following budgeted sales for the first half of the current year: January February March

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The Lagrange Corporation Had The Following Budgeted Sales For The First Half Of The Current Year January February March 1 (199.33 KiB) Viewed 111 times

The LaGrange Corporation had the following budgeted sales for the first half of the current year: January February March April May June Cash Sales $ 50,000 $ 55,000 $ 34,000 $ 29,000 $ 39,000 $ 80,000 Credit Sales $ 150,000 $ 170,000 $ 130,000 $ 114,000 $ 200,000 $ 80,000 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: 40% in month of sale 30% in month following sale 30% in second month following sale The accounts receivable balance on January 1 of the current year was $65,000, of which $54,000 represents uncollected December sales and $11,000 represents uncollected November sales. What is the budgeted accounts receivable balance on May 31?