The LaGrange Corporation Had the Following Budgeted Sales for the First

question 218

Multiple Choice

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:50% in month of sale40% in month following sale10% in second month following saleThe accounts receivable balance on January 1 of the current year was $75,000, of which $47,000 represents uncollected December sales and $28,000 represents uncollected November sales.The total cash collected during January by LaGrange Corporation would be:

• A) $321,000
• B) $264,000
• C) $94,000
• D) $235,600

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Definitions:

Bones

The rigid organs that form part of the endoskeleton of vertebrates, serving functions such as structure, locomotion, and protection.

Fibrous Joints

Joints made of connective tissue containing many fibers, which are mainly involved in providing stability and allowing little to no movement between bones.

Skull

The bone structure forming the head, protecting the brain and supporting the facial structure.

Breastplate

A piece of armor covering the chest, used historically by soldiers for protection in battle.