Question 1 Jupiter Inc. is a wholesale distributor of Apple laptop bags. Thus, peak sales occur in May of each year as shown in the company's sales budget for the second quarter, given below: April May June Budgeted Sales (All on account) $ 87,000 $86,000 $92,000 From past experience, the company has learned that 30% of a month's sales are collected in the month of sale, 60% are collected in the month following sale, and the remaining 10% are collected in the second month following sale. February sales totaled $85,000, and March sales totaled $88,000. Required: Prepare a schedule of expected cash collections from sales for each month (April, May, and June) and the quarter total.
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- Navigator sells GPS trackers for $50 each. It expects sales of 5,000 units in quarter 1 and a 5% increase each subsequent quarter for the next 8 quarters. Prepare a sales budget by quarter for the first year.Barnstormer sells airplane accessories for $20 each. It expects sales of 120,000 units in quarter 1 and a 7% increase each subsequent quarter for the next 8 quarters. Prepare a sales budget by quarter for the first year.< Innovative Office Inc. has "cash and carry" customers and credit customers. Innovative Office estimates that 25% of monthly sales are to cash customers, while the remaining sales are to credit customers. Of the credit customers, 25% pay their accounts in the month of sale, while the remaining 75% pay their accounts in the month following the month of sale. Projected sales for the first three months of 20Y4 are as follows: January February March The Accounts Receivable balance on December 31, 20Y3, was $72,000. Prepare a schedule of cash collections from sales for January, February, and March. INNOVATIVE OFFICE INC. Schedule of Collections from Sales For the Three Months Ending March 31, 20Y4 January February Receipts from cash sales: Cash sales December sales on account: Collected in January January sales on account: Collected in January Collected in February February sales on account: Collected in February Collected in March March sales on account: Collected in March $107,000…
- Print Item Navigator sells GPS trackers for $60 each. It expects sales of 5,700 units in quarter 1 and a 5% increase each subsequent quarter for the next 8 quarters. Prepare a sales budget by quarter for the first year. Round final answers to nearest whole dollar. Navigator Sales Budget For the Year Ending Dec. 31, 20XX Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Expected Sales (Units) Sales Price per Unit Total Sales Revenue Feedback Check My Work Increase the expected sales amount each quarter by 5%. PreviousCopdog David Inc. is presently preparing their budget for the 1st quarter. The marketing department has projected sales, in units, for the coming 4 months: January 3,000February 2,500March 4,200April 2,400The selling price per unit is $16 each. All sales are on account and, based on historical data, the company has the following accounts receivable payment experience: Percentage paid in the month of sale 40% Percentage paid in the month after sale 55% Percent lost to uncollectible accounts 5% Company policy requires that ending inventories for each month be 20% of next month’s sales. a) Prepare a sales budget for February and March and provide total sales revenue. Feb: March: b) Prepare a schedule showing the cash expected in payments on accounts receivable in February and March. Feb: March: c) Prepare a production budget for February and March and provide the total units to produce. Feb: March:Schedule of Expected Cash Collections Silver Company makes a product that is very popular as a Mother’s Day gift. Thus, peak sales occur in May of each year, as shown in the company’s sales budget for the second quarter given below: From past experience, the company has learned that 20% of a month’s sales are collected in the month of sale, another 70% are collected in the month following sale, and the remaining 10% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $230,000, and March sales totaled $260,000. Required: 1. Using Schedule 1 as your guide, prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. 2. What is the accounts receivable balance on June 30th?
- Please answer both the requirement correctly Silver Company makes a product that is very popular as a Mother’s Day gift. Thus, peak sales occur in May of each year, as shown in the company’s sales budget for the second quarter given below: April May June Total Budgeted sales (all on account) $420,000 $620,000 $240,000 $1,280,000 From past experience, the company has learned that 20% of a month’s sales are collected in the month of sale, another 65% are collected in the month following sale, and the remaining 15% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $350,000, and March sales totaled $380,000. Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. 2. What is the accounts receivable balance on June 30th?The marketing department of HASF Corporations has submitted the following sales forecast for the upcoming fiscal year (all sales are on account) Q1 Q2 Q3 Q4 total Budgeted units sales ? 10% increase 10 % decrease 16,335 62,685 Budget selling price per unit 18 18 18 ? 18 budgeted sales revenue ? 297,000 ? 294,030 ? Other information Each quarter ending finished goods inventory is 20% of next month units sold. Next year first quarter beginning inventory is 3,000. Each finished units require 3 grams of raw material that cost Rs 3 per unit. Management desired to end each quarter with an inventory of raw material equal to 15% of the current quarter production needs Beginning inventory of raw material in first quarter 3,000 gramsThe marketing department of HASF Corporations has submitted the following sales forecast for the upcoming fiscal year (all sales are on account) Q1 Q2 Q3 Q4 total Budgeted units sales ? 10% increase 10 % decrease 16,335 62,685 Budget selling price per unit 18 18 18 ? 18 budgeted sales revenue ? 297,000 ? 294,030 ? Other information Each quarter ending finished goods inventory is 20% of next month units sold. Next year first quarter beginning inventory is 3,000. Each finished units require 3 grams of raw material that cost Rs 3 per unit. Management desired to end each quarter with an inventory of raw material equal to 15% of the current quarter production needs Beginning inventory of raw material in first quarter 3,000 grams Find number of units that will be produced in Q4?
- The marketing department of HASF Corporations has submitted the following sales forecast for the upcoming fiscal year (all sales are on account) Q1 Q2 Q3 Q4 total Budgeted units sales ? 10% increase 10 % decrease 16,335 62,685 Budget selling price per unit 18 18 18 ? 18 budgeted sales revenue ? 297,000 ? 294,030 ? Other information Each quarter ending finished goods inventory is 20% of next month units sold. Next year first quarter beginning inventory is 3,000. Each finished units require 3 grams of raw material that cost Rs 3 per unit. Management desired to end each quarter with an inventory of raw material equal to 15% of the current quarter production needs Beginning inventory of raw material in first quarter 3,000 grams Find total cost of raw material purchased in all four Quarters?Current Attempt in Progress The management of Riverbed Industries estimates that credit sales for August, September, October, and November will be $575,000, $700,000, $875,000, and $490,000, respectively. Experience has shown that collections are made as follows: In month of sale 25% In first month after sale 60% In second month after sale 10% Determine the collections from customers in October and November. (Do not leave any field blank. Enter O for the amounts.) October November Collections from Customers August Sales September Sales October Sales November Sales 2$ $. Total budgeted collections eTextbook and Media Attempts: 0 of 3 used Submit Answer. Savetor La hp %24 %24Silver Company makes a product that is very popular as a Mother’s Day gift. Thus, peak sales occur inMay of each year, as shown in the company’s sales budget for the second quarter given below:April May June TotalBudgeted sales (all on account) .................. $300,000 $500,000 $200,000 $1,000,000From past experience, the company has learned that 20% of a month’s sales are collected in the monthof sale, another 70% are collected in the month following sale, and the remaining 10% are collected inthe second month following sale. Bad debts are negligible and can be ignored. February sales totaled$230,000, and March sales totaled $260,000.Required:1. Prepare a schedule of expected cash collections from sales, by month and in total, for the secondquarter.2. Assume that the company will prepare a budgeted balance sheet as of June 30. Compute the accountsreceivable as of that date.