1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
hjlf
2 years ago
8

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 sale 30% in month following sale 20% in second month following sale The accounts receivable balance on January 1 of the current year was $81,000, of which $50,000 represents uncollected December sales and $31,000 represents uncollected November sales. The total cash collected during January by LaGrange Corporation would be:
Business
1 answer:
nydimaria [60]2 years ago
4 0

Answer: $186,000

Explanation:

January is the 2nd month from November which means that all of November's $31,000 will be collected in January.

January is the first month after December so 30% of December sales should be collected in January. 50% has already been collected in December and this left $50,000.

Total credit sales in December must have been:

= 50,000 / 50%

= $100,000

Amount to be collected in January for December:

= 100,000 * 30%

= $30,000

Amount to be collected from January credit sales:

= 50% * 150,000

= $75,000

January cash sales = $50,000

Total cash in January :

= 31,000 + 30,000 + 75,000 + 50,000

= $186,000

You might be interested in
True or false: No gain or loss is reported when treasury stock is reissued because GAAP does not consider transactions between a
trapecia [35]

Answer:

true

Explanation:

GAAP does not allow gains or losses to be reported when a corporation reissues its treasury stock.

3 0
2 years ago
Mason pays $251 monthly for auto insurance. He had an accident involving another car. His
Evgesh-ka [11]

Answer: Yes, the years worth of payments is more than the actual claim

Explanation:

the claim was $2500 and he payed $3,012 a year for insurance

4 0
3 years ago
Read 2 more answers
Which of the following best describes a valuable asset used to secure a loan from a lender?
katrin [286]

Answer:

A. Collateral

Explanation:

Collateral is a pledge that is given to a person in exchange for a loan (of something). The pledge could be redeemed after the loan has been returned (along with whatever strings has come attached with borrowing the item).

~

3 0
3 years ago
Karen made a commission of $3522.75 on the sale of a property. Splitter commission clear with her broker which is 50% to the bro
Mademuasel [1]

<u>Answer:</u>

<em>$50,325 is the sale price of the property</em>

<u>Explanation:</u>

Karen made a commission of $3522.75 on the sale of a property. Splitter commission clear with her broker which is 50% to the broker and 50% Karen. Broker took 55% of the total commission on a 7% commission rate.

So not considering the commission for a while if we divide commission by the commission rate we will get the sale price.

                                    $3522.75/0.07= $50,325.

4 0
3 years ago
What is an example of print advertising? A. a web banner B. a radio commercial C. a t-shirt D. a poster
Fed [463]
D. a poster
Although 'A' could also be used as an example, it isn't exactly print advertising in its purest form.
7 0
3 years ago
Other questions:
  • What is a risk assessment?
    8·1 answer
  • Economic theory offers ____________________ about the full range of possible events and responses, which can prevent ___________
    15·1 answer
  • Now consider the relationship between the price level and the quantity of money that people demand. The lower the price level, t
    5·1 answer
  • U get payed 10$ a hour and you work on average 30hours/week you deposit 250&amp; because ur offering 2.2% . How much interest wi
    8·1 answer
  • MC Qu. 166 Joe Jackson opened Jackson's... Joe Jackson opened Jackson's Repairs, Inc. on March 1 of the current year. During Mar
    6·1 answer
  • The amount of money you earn has nothing to do with your life style budget T F
    11·1 answer
  • The Perpetual Life Insurance Co. is trying to sell you an investment policy that will pay you and your heirs $18,500 per year fo
    15·1 answer
  • Learning Task No. 1: Complete the following table.
    7·1 answer
  • Why should an entrepreneur do a feasibility study for starting a new venture
    11·1 answer
  • 3. A project manager is trying to complete a software development project, but cannot get enough attention for the project. Reso
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!