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Find what is budgeted accounts receivable balance on may

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Reference no: EM132556543

The LaGrange Corporation had the following budgeted sales for the first half of the current year

                                      Cash sales.                  Credit sales
January                      $70,000.                    $340,000
February                    50,000.                       190,000
March.                       40,000.                         135,000
April.                        35,000.                             120,000
May.                          45,000.                              160,000
June.                          40,000.                            140,000

The company is in the process of preparing a cash budget and must determine the expected cash collections by month. To th 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.

Question 1: What is the budgeted accounts receivable balance on May 31st?

Reference no: EM132556543

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