Homework Answers
| a. | Sales | January | February | March | |||||
| Cash Sales | $39,000 | $44,070 | $49,799 | ||||||
| Sales on Account | $104,000 | $117,520 | $132,798 | ||||||
| Total Budgeted Sales | $143,000 | $161,590 | $182,597 | ||||||
| January Total Sales | $143,000 | ||||||||
| February Total Sales | $161,590 | ( $143000*113%) | |||||||
| March Total Sales | $182,597 | ($161590*113%) | |||||||
| Cash Sales/ Sales on Account | 39000/104000 | ||||||||
| 0.375 | |||||||||
| February | |||||||||
| Cash Sales = | .375* Sales on Account | ||||||||
| Total Sales = | Cash Sale+ Sales on Account | ||||||||
| Total Sales = | .375 Sales on Account+ Sales on account | ||||||||
| Total Sales = | 1.375 Sales on Account | ||||||||
| 161590= | 1.375 Sales on Account | ||||||||
| Sales on Account | 161590/1.375 | ||||||||
| Sales on Account | $117,520 | ||||||||
| Cash Sales | $161590-$117520 | ||||||||
| 44070 | |||||||||
| March | |||||||||
| 161590= | 1.375 Sales on Account | ||||||||
| Sales on Account | 182597/1.375 | ||||||||
| Sales on Account | $132,798 | ||||||||
| Cash Sales | 182597-132798 | ||||||||
| 49799 | |||||||||
| b. | Sales | January | February | March | Total | ||||
| Cash Sales | $39,000 | $44,070 | $49,799 | $132,869 | (39000+44070+49799) | ||||
| Sales on Account | $104,000 | $117,520 | $132,798 | $354,318 | (104000+117520+132798) | ||||
| Total Budgeted Sales | $143,000 | $161,590 | $182,597 | $487,187 | (132869+354318) | ||||
| The sales revenue that will be reported on its first quarter pro forma income statement is $ 487187 | |||||||||
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Exercise 14-2 Preparing a sales budget LO 14-2 Fanning Company, which expects to start operations on...
Exercise 14-2 Preparing a sales budget LO 14-2 Benson Company, which expects to start operations on...
Exercise 14-2 Preparing a sales budget LO 14-2
Benson Company, which expects to start operations on January 1,
2018, will sell digital cameras in shopping malls. Benson has
budgeted sales as indicated in the following table. The company
expects a 11 percent increase in sales per month for February and
March. The ratio of cash sales to sales on account will remain
stable from January through March.
Required
Complete the sales budget by filling in the missing
amounts.
Determine the...
Exercise 14-2 Preparing a sales budget LO 14-2 Benson Company, which expects to start operations on...
Exercise 14-2 Preparing a sales budget LO 14-2
Benson Company, which expects to start operations on January 1,
2018, will sell digital cameras in shopping malls. Benson has
budgeted sales as indicated in the following table. The company
expects a 11 percent increase in sales per month for February and
March. The ratio of cash sales to sales on account will remain
stable from January through March.
Required
Complete the sales budget by filling in the missing
amounts.
Determine the...
Zachary Company, which expects to start operations on January 1, 2018, will sell digital cameras in...
Zachary Company, which expects to start operations on January 1, 2018, will sell digital cameras in shopping malls. Zachary has budgeted sales as indicated in the following table. The company expects a 15 percent increase in sales per month for February and March. The ratio of cash sales to sales on account will remain stable from January through March. Required a. Complete the sales budget by filling in the missing amounts. b. Determine the amount of sales revenue Zachary will...
Gibson Company, which expects to start operations on January 1, 2018, will sell digital cameras in...
Gibson Company, which expects to start operations on January 1, 2018, will sell digital cameras in shopping malls. Gibson has budgeted sales as indicated in the following table. The company expects a 13 percent increase in sales per month for February and March. The ratio of cash sales to sales on account will remain stable from January through March. Required a. Complete the sales budget by filling in the missing amounts. b. Determine the amount of sales revenue Gibson will...
Adams Company, which expects to start operations on January 1, 2018, will sell digital cameras in...
Adams Company, which expects to start operations on January 1, 2018, will sell digital cameras in shopping malls. Adams has budgeted sales as indicated in the following table. The company expects a 13 percent increase in sales per month for February and March. The ratio of cash sales to sales on account will remain stable from January through March. Required a. Complete the sales budget by filling in the missing amounts. b. Determine the amount of sales revenue Adams will...
Ch 14 HW Help Save & Exit Submit Check my work Exercise 14-2 Preparing a sales budget LO 14-2 points Vernon Co...
Ch 14 HW Help Save & Exit Submit Check my work Exercise 14-2 Preparing a sales budget LO 14-2 points Vernon Company, which expects to start operations on January 1, 2018, will sell digital cameras in shopping malls. Vernon has budgeted sales as indicated in the following table. The company expects a 15 percent increase in sales per month for February and March. The ratio of cash sales to sales on account will remain stable from January through March. Skipped...
Gibson Company, which expects to start operations on January 1, 2018, will sell digital cameras in...
Gibson Company, which expects to start operations on January 1, 2018, will sell digital cameras in shopping malls. Gibson has budgeted sales as indicated in the following table. The company expects a 15 percent increase in sales per month for February and March. The ratio of cash sales to sales on account will remain stable from January through March. Required Complete the sales budget by filling in the missing amounts. Determine the amount of sales revenue Gibson will report on...
Thornton Company, which expects to start operations on January 1, 2018, will sell digital cameras in...
Thornton Company, which expects to start operations on January 1, 2018, will sell digital cameras in shopping malls. Thornton has budgeted sales as indicated in the following table. The company expects a 11 percent increase in sales per month for February and March. The ratio of cash sales to sales on account will remain stable from January through March. Required a. Complete the sales budget by filling in the missing amounts. b. Determine the amount of sales revenue Thornton will...
Franklin Company, which expects to start operations on January 1, 2018, will sell digital cameras in...
Franklin Company, which expects to start operations on January 1, 2018, will sell digital cameras in shopping malls. Franklin has budgeted sales as indicated in the following table. The company expects a 10 percent increase in sales per month for February and March. The ratio of cash sales to sales on account will remain stable from January through March. Required a. Complete the sales budget by filling in the missing amounts. b. Determine the amount of sales revenue Franklin will...
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Exercise 14-2 Preparing a sales budget LO 14-2
Benson Company, which expects to start operations on January 1,
2018, will sell digital cameras in shopping malls. Benson has
budgeted sales as indicated in the following table. The company
expects a 11 percent increase in sales per month for February and
March. The ratio of cash sales to sales on account will remain
stable from January through March.
Required
Complete the sales budget by filling in the missing
amounts.
Determine the...
Exercise 14-2 Preparing a sales budget LO 14-2
Benson Company, which expects to start operations on January 1,
2018, will sell digital cameras in shopping malls. Benson has
budgeted sales as indicated in the following table. The company
expects a 11 percent increase in sales per month for February and
March. The ratio of cash sales to sales on account will remain
stable from January through March.
Required
Complete the sales budget by filling in the missing
amounts.
Determine the...
Zachary Company, which expects to start operations on January 1, 2018, will sell digital cameras in shopping malls. Zachary has budgeted sales as indicated in the following table. The company expects a 15 percent increase in sales per month for February and March. The ratio of cash sales to sales on account will remain stable from January through March. Required a. Complete the sales budget by filling in the missing amounts. b. Determine the amount of sales revenue Zachary will...
Gibson Company, which expects to start operations on January 1, 2018, will sell digital cameras in shopping malls. Gibson has budgeted sales as indicated in the following table. The company expects a 13 percent increase in sales per month for February and March. The ratio of cash sales to sales on account will remain stable from January through March. Required a. Complete the sales budget by filling in the missing amounts. b. Determine the amount of sales revenue Gibson will...
Adams Company, which expects to start operations on January 1, 2018, will sell digital cameras in shopping malls. Adams has budgeted sales as indicated in the following table. The company expects a 13 percent increase in sales per month for February and March. The ratio of cash sales to sales on account will remain stable from January through March. Required a. Complete the sales budget by filling in the missing amounts. b. Determine the amount of sales revenue Adams will...
Ch 14 HW Help Save & Exit Submit Check my work Exercise 14-2 Preparing a sales budget LO 14-2 points Vernon Company, which expects to start operations on January 1, 2018, will sell digital cameras in shopping malls. Vernon has budgeted sales as indicated in the following table. The company expects a 15 percent increase in sales per month for February and March. The ratio of cash sales to sales on account will remain stable from January through March. Skipped...
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Franklin Company, which expects to start operations on January 1, 2018, will sell digital cameras in shopping malls. Franklin has budgeted sales as indicated in the following table. The company expects a 10 percent increase in sales per month for February and March. The ratio of cash sales to sales on account will remain stable from January through March. Required a. Complete the sales budget by filling in the missing amounts. b. Determine the amount of sales revenue Franklin will...
Perez Company, which expects to start operations on January 1, 2018, will sell digital cameras in shopping malls. Perez has budgeted sales as indicated in the following table. The company expects a 10 percent increase in sales per month for February and March. The ratio of cash sales to sales on account will remain stable from January through March. Required a. Complete the sales budget by filling in the missing amounts. b. Determine the amount of sales revenue Perez will...
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