The LaGrange Corporation had the following budgeted sales for the first half of the current year: Cash Sales Credit SalesJanuary$30,000?$130,000?February$35,000?$150,000?March$38,000?$110,000?April$33,000?$118,000?May$43,000?$180,000?June$60,000?$120,000?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:50% in month of sale30% in month following sale20% in second month following saleThe accounts receivable balance on January 1 of the current year was $76,000, of which $58,000 represents uncollected December sales and $18,000 represents uncollected November sales. What is the budgeted accounts receivable balance on May
31?
A. $113,600
B. $209,200
C. $95,600
D. $90,000
Answer: A
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