Homework Answers
Cash receipts budget
| 1st quarter | 2nd quarter | 3rd quarter | 4th quarter | Bad debts | |
| 1st quarter sales | 426,000 x 75% = 319,500 | 426,000 x 20% = 85,200 | 426,000 x 5% = 21,300 | ||
| 2nd quarter sales | 624,000 x 75% = 468,000 | 624,000 x 20% = 124,800 | 624,000 x 5% = 31,200 | ||
| 3rd quarter sales | 769,500 x 75% = 577,125 | 769,500 x 20% = 153,900 | 769,500 x 5% = 38,475 | ||
| 4th quarter sales | 1,228,500 x 75% = 921,375 | 1,228,500 x 5% = 61,425 | |||
| Totals | $319,500 | $553,200 | $701,925 | $1,075,275 | $152,400 |
Net accounts receivables at the end of the year = 4th quarter sales x 20%
= 1,228,500 x 20%
= $245,700
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Academic Learning
Sales Budget
For the Year Ended December 31, 2019
First
Second
Third
Fourth
Quarter
Quarter
Quarter
Quarter
Total
Budgeted tablets to be sold
550
350
1,600
500
3,000
Sales price per unit
$550
$550
$550
$550
$550
Total sales
$302,500
$192,500
$880,000
$275,000
$1,650,000
Schdule of Cash Receipts from Customers
First
Second
Third
Fourth
Quarter
Quarter
Quarter
Quarter
Total
Total...
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In the coming year, Sunland, Inc. will be introducing its first
product, a wrist brace that protects serious video gamers from
repetitive-motion injuries. The brace will be sold for $19 to
retailers throughout the country. All sales will be made on
account. An expected 65% of sales will be collected within the
quarter of the sale, and another 30 % in the quarter following the
sale. The remaining 5% of credit sales are expected to be
uncollectible. The sales budget...
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Dakota Williams is one of Texas's premiere party planners. She purchases a variety of supplies, such as plastic tableware, stemware, and decorations, throughout the year. Dakota has prepared the following purchases budget for the coming year: 1st Quarter $334,000 2nd Quarter $450,000 3rd Quarter $474,000 4th Quarter $529,000 Budgeted purchases Historically, Dakota has paid for 22 percent of her purchases in the quarter of purchase and 78 percent in the quarter following purchase. On December 31 of this year Dakota...
Academic Learning had prepared the following sales budget,
schedule of budgeted cash receipts, and cash budget for 2019:
Academic Learning
Sales Budget
For the Year Ended December 31, 2019
First
Second
Third
Fourth
Quarter
Quarter
Quarter
Quarter
Total
Budgeted tablets to be sold
550
350
1,600
500
3,000
Sales price per unit
$550
$550
$550
$550
$550
Total sales
$302,500
$192,500
$880,000
$275,000
$1,650,000
Schdule of Cash Receipts from Customers
First
Second
Third
Fourth
Quarter
Quarter
Quarter
Quarter
Total
Total...
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