Homework Answers
Requirement 1:
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |
| Total Sales | 202,500 | 337,500 | 540,000 | 405,000 | 1,485,000 |
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |
| Cash receipts from customer: | |||||
| Accounts Receivable balance as of December 31,2018 | 30,000 | ||||
| 1st Qtr- Cash Sales (30%) | 60,750 | ||||
| 1st Qtr - Credit Sales collected in 1st quarter | |||||
| 1st Qtr - Credit Sales collected in 2nd quarter | 70,875 | ||||
| 1st Qtr - Credit Sales collected in 3rd quarter | 66,825 | ||||
| 2nd Qtr- Cash Sales (30%) | 101,250 | ||||
| 2nd Qtr - Credit Sales collected in 2nd quarter | |||||
| 2nd Qtr - Credit Sales collected in 3rd quarter | 118,125 | ||||
| 2nd Qtr - Credit Sales collected in 4th quarter | 111,375 | ||||
| 3rd Qtr- Cash Sales (30%) | 162,000 | ||||
| 3rd Qtr - Credit Sales collected in 3rd quarter | 189,000 | ||||
| 3rd Qtr - Credit Sales collected in 4th quarter | |||||
| 4th Qtr- Cash Sales (30%) | 121,500 | ||||
| 4th Qtr - Credit Sales collected in 4th quarter | |||||
| Total Cash receipts from customer | 60,750 | 172,125 | 346,950 | 421,875 | 1,001,700 |
| Accounts receivable balance as of December 31, 2019 | |
| 3rd Qtr - Credit Sales (70%) 33% in two quarters after the sale | 178,200 |
| 4th Qtr - Credit Sales (70%) 35% in quarter after the sale | 141,750 |
| 4th Qtr - Credit Sales (70%) 33% in two quarters after the sale | 133,650 |
Requirement 2:
Scholastic Learning will need to borrow additional funds because of the decrease in cash receipts. This will result in increase of interest expense and decrease in net income for the year.
Add Answer to:
Scholastic Learning Sales Budget For the Year Ended December 31, 2019 First Second Third Fourth Quarter...
Academic Learning had prepared the following sales budget, schedule of budgeted cash receipts, and cash budget...
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...
In the coming year, Swifty, Inc. will be introducing its first product, a wrist brace that...
In the coming year, Swifty, 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 73% of sales will be collected within the quarter of the sale, and another 22 % in the quarter following the sale. The remaining 5% of credit sales are expected to be uncollectible. The sales budget...
In the coming year, Sunland, Inc. will be introducing its first product, a wrist brace that...
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...
In the coming year, Crane, Inc. will be introducing its first product, a wrist brace that...
In the coming year, Crane, 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 $16 to retailers throughout the country. All sales will be made on account. An expected 63% of sales will be collected within the quarter of the sale, and another 32 % in the quarter following the sale. The remaining 5% of credit sales are expected to be uncollectible. The sales budget...
Please show work, thank you. In the coming year, Sunland, Inc. will be introducing its first...
Please show work, thank you.
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 $15 to retailers throughout the country. All sales will be made on account. An expected 75% of sales will be collected within the quarter of the sale, and another 20 % in the quarter following the sale. The remaining 5% of credit sales are expected to...
The Gridley Tire Company manufactures racing tires for bicycles. Gridley sells tires for $75 each Gridley...
The Gridley Tire Company manufactures racing tires for bicycles. Gridley sells tires for $75 each Gridley is planning for the next year by developing a master budget by quarters. Gridley's balance sheet for December 31, 2018, follows (Click the icon to view the balance sheet) Other data for Gridley Tire Company i Clck he icon to view the other data) Read the repuiremens. Revew the sales budget you prepared above Cash Receipts from Customers Third First Second Fourth Quarter Quarter...
The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year (...
The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year (all sales are on account): 1st Quarter 12.200 2nd Quarter 13,200 3rd Quarter 15.200 4th Quarter 14,200 Budgeted unit sales The selling price sales are expected to be uncollectible. The beginning balance of accounts receivable, all The company expects to start the first quarter with 2,440 units in finished goods inventory. Management desires an ending finished goods inventory in each quarter equal to...
The marketing department of fiscal year (all sales are on account) Jessi Corporation has submitted the...
The marketing department of fiscal year (all sales are on account) Jessi Corporation has submitted the following sales forecast for the upcoming 1st Quarter 11,200 2nd Quarter 12,200 3rd Quarter 14,200 4th Quarter 13,200 Budgeted unit sales The selling price of the company's product is $11 per unit. Management expects to collect 65% of sales in the quarter in which the sales are made, 30% in the following quarter, and 5% of sales are expected to be uncollectible. The beginning...
Managerial Accounting The marketing department of Graber Corporation has submitted the following sales forecast for the...
Managerial Accounting
The marketing department of Graber Corporation has submitted the following sales forecast for the upcoming fiscal year. Budgeted unit sales First Quarter 17, 300 Second Quarter 16, 300 Third Quarter 15, 300 Fourth Quarter 16, 300 The selling price of the company's product is $30.00 per unit. Management expects to collect 70% of sales in the quarter in which the sales are made and 20% in the following quarter, and 10% of sales are expected to be uncollectible....
Direct Labor Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter...
Direct Labor Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter Fourth Quarter Total Direct labor hours needed for production Budgeted direct labor cost i - X More Info (Unless otherwise noted, assume all of the following events occurred during 2018 and that any balances given are stated as of December 31, 2018.) a. Budgeted sales are 1,100 tires for the first quarter and expected to increase by 250 tires per quarter. Cash sales are...
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...
In the coming year, Swifty, 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 73% of sales will be collected within the quarter of the sale, and another 22 % in the quarter following the sale. The remaining 5% of credit sales are expected to be uncollectible. The sales budget...
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...
Please show work, thank you.
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 $15 to retailers throughout the country. All sales will be made on account. An expected 75% of sales will be collected within the quarter of the sale, and another 20 % in the quarter following the sale. The remaining 5% of credit sales are expected to...
The Gridley Tire Company manufactures racing tires for bicycles. Gridley sells tires for $75 each Gridley is planning for the next year by developing a master budget by quarters. Gridley's balance sheet for December 31, 2018, follows (Click the icon to view the balance sheet) Other data for Gridley Tire Company i Clck he icon to view the other data) Read the repuiremens. Revew the sales budget you prepared above Cash Receipts from Customers Third First Second Fourth Quarter Quarter...
The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year (all sales are on account): 1st Quarter 12.200 2nd Quarter 13,200 3rd Quarter 15.200 4th Quarter 14,200 Budgeted unit sales The selling price sales are expected to be uncollectible. The beginning balance of accounts receivable, all The company expects to start the first quarter with 2,440 units in finished goods inventory. Management desires an ending finished goods inventory in each quarter equal to...
The marketing department of fiscal year (all sales are on account) Jessi Corporation has submitted the following sales forecast for the upcoming 1st Quarter 11,200 2nd Quarter 12,200 3rd Quarter 14,200 4th Quarter 13,200 Budgeted unit sales The selling price of the company's product is $11 per unit. Management expects to collect 65% of sales in the quarter in which the sales are made, 30% in the following quarter, and 5% of sales are expected to be uncollectible. The beginning...
Managerial Accounting
The marketing department of Graber Corporation has submitted the following sales forecast for the upcoming fiscal year. Budgeted unit sales First Quarter 17, 300 Second Quarter 16, 300 Third Quarter 15, 300 Fourth Quarter 16, 300 The selling price of the company's product is $30.00 per unit. Management expects to collect 70% of sales in the quarter in which the sales are made and 20% in the following quarter, and 10% of sales are expected to be uncollectible....
Direct Labor Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter Fourth Quarter Total Direct labor hours needed for production Budgeted direct labor cost i - X More Info (Unless otherwise noted, assume all of the following events occurred during 2018 and that any balances given are stated as of December 31, 2018.) a. Budgeted sales are 1,100 tires for the first quarter and expected to increase by 250 tires per quarter. Cash sales are...
Most questions answered within 3 hours.
-
A student takes a multiple-choice test that has 10 questions.
Each question has two choices. The...
asked 19 minutes ago -
Willie Keeler has a lifetime batting average of 0.341. Assume
that Willie Keeler came to bat...
asked 21 minutes ago -
Which of the following has the highest boiling point?
A) 0.5m NaCl
B) 0.5m C6H12O6
C)...
asked 40 minutes ago -
12. A firm is producing at an output level where
AR = MC > AC >...
asked 37 minutes ago -
Radovilsky Manufacturing Company, in Hayward, California,
makes flashing lights for toys. The company operates its production...
asked 39 minutes ago -
As an athlete exercises, sweat is produced and evaporated to
jelp maintain a proper body temperature....
asked 39 minutes ago -
Which of these macromolecules is most prevalent (by mass) in the
environment? What particular challenge does...
asked 41 minutes ago -
Consider two stocks. Stock A has a standard deviation of 46% and
stock B has a...
asked 44 minutes ago -
Give a unary language (using only input alphabet ∑={1} )that is
not Turing- recognizable and prove...
asked 55 minutes ago -
1. Write the balanced net reaction for a Ti (s) | TiCl2 (aq) ||
InCl3 (aq)...
asked 53 minutes ago -
3) Answer the following questions:please respond in one
paragraph
In your opinion, what are the crucial...
asked 59 minutes ago -
Assume that the readings at freezing on a batch of thermometers
are normally distributed with a...
asked 1 hour ago