Homework Answers
1)
Sales budget is the stepping stone for the preparation of master budget.
Option B is the answer
2)
Budgeted cash collections in June
= (110,000*25%) + (100,000*65%) + (120,000*5%)
= 98,500
Option D is the answer
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For most firms, the initial step in the master budget sequence is the Purchases budget. Sales...
2. Koda Corporation makes collections on sales according to the following schedule: 25% in month of...
2. Koda Corporation makes collections on sales according to the following schedule: 25% in month of sale 65% in month following the sale 5% in second month following the sale 5% uncollectible The following sales have been budgeted: April May June $120,000 $100,000 $110,000 Budgeted cash collections in June would be: A. $27,500 B. $98,500 C. $71,000 D. $115,000 3. The following information was taken from the production budget of Bazinga Corporation for the next quarter. January February March 130,000...
Cash Receipts The sales budget for Perrier Inc. is forecasted as follows: Month Sales Revenue May...
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1a) The WRT Corporation makes collections on sales according to the following schedule: 35% in month...
1a) The WRT Corporation makes collections on sales according to the following schedule: 35% in month of sale 55% in month following sale 5% in second month following sale 5% uncollectible The following sales have been budgeted: Sales April $ 131,000 May $ 168,000 June $ 179,000 Budgeted cash collections in June would be: $62,650 $161,600 $98,950 $178,600
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Cash Receipts The sales budget for Andrew Inc. is forecasted as follows: Month Sales Revenue May $ 150.000 June 175,000 July 160,000 August 200.000 To prepare a cash budget, the company must determine the budgeted cash collections from sales. Historically, the following trend has been established regarding cash collection of sales • 60 percent in the month of sale. • 20 percent in the month following sale. • 15 percent in the second month following sale. • 5 percent uncollectible....
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Clippers Corp. has the following sales budget for the second quarter of 2017: Sales Budget April May June Quarter Cash Sales $ 110,000 $ 175,000 $ 130,000 $ 415,000 Credit Sales $ 275,000 $ 450.000 $ 350,000 $ 1,075,000 $ 385,000 $ 625,000 $ 480,000 $ 1,490,000 Additional information: 1. Credit sales are collected as follows: 15% in the month of sale, 55% in the following month, and 28% in the second following month. 2. Approximately 2% of credit sales...
Norman Corp. has prepared the sales budget. The expected sales are as follows: $84,000 for March,...
Norman Corp. has prepared the sales budget. The expected sales are as follows: $84,000 for March, $100,000 for April, $92,000 for May, $116,000 for June, and $98,000 for July. Credit sales are 80% of total sales, and cash sales are remaining 20%. Collections of account receivables are 80% in the month of sale (and subject to 1% discount), 15% in the month following the sale. The remaining 5% is expected to be uncollectible. (a) Prepare a schedule of cash collections...
Feeney Furniture prepared the following sales budget: Month Cash Sales Credit Sales March $23,000 $12,000 April...
Feeney Furniture prepared the following sales budget: Month Cash Sales Credit Sales March $23,000 $12,000 April $37,000 $12,000 May $40,000 $39,000 June $54,000 $46,000 Credit collections are 10% two months following the sale, 55% in the month following the sale, and 30% in the month of sale. The remaining 5% is expected to be uncollectible What are the total cash collections in June at Feeney Furniture? O A $36,450 OB. $100,000 OC. $90,450 OD. $29,650
MASTER BUDGET A company started business on January 1, 2019. The company estimated that sales for...
MASTER BUDGET A company started business on January 1, 2019. The company estimated that sales for the first six months would be as follows: Month Units Dollars January 12,000 $ 72,000 February 9,500 57,000 March 14,000 84,000 April 21,700 130,200 May 20,000 120,000 June 32,100 192,600 The company sells all items on account and expects collections of accounts receivable to be as follows: 80% in the month of the sale, and the remaining 20% in the month after the sale....
MASTER BUDGET A company started business on January 1, 2019. The company estimated that sales for...
MASTER BUDGET A company started business on January 1, 2019. The company estimated that sales for the first six months would be as follows: Month Units Dollars January 12,000 $ 72,000 February 9,500 57,000 March 14,000 84,000 April 21,700 130,200 May 20,000 120,000 June 32,100 192,600 The company sells all items on account and expects collections of accounts receivable to be as follows: 80% in the month of the sale, and the remaining 20% in the month after the sale....
MASTER BUDGET This Company started business on January 1, 2019. The company estimated that sales for...
MASTER BUDGET This Company started business on January 1, 2019. The company estimated that sales for the first six months would be as follows: Month January February March April Dollars Units 12,000 S 72,000 9,500 14,000 21,700 130,200 57,000 84,000 May June 20,000 120,000 32,100 192,600 The company sells all items on account and expects collections of accounts receivable to be as follows: 80% in the month of the sale, and the remaining 20% in the month after the sale....
2. Koda Corporation makes collections on sales according to the following schedule: 25% in month of sale 65% in month following the sale 5% in second month following the sale 5% uncollectible The following sales have been budgeted: April May June $120,000 $100,000 $110,000 Budgeted cash collections in June would be: A. $27,500 B. $98,500 C. $71,000 D. $115,000 3. The following information was taken from the production budget of Bazinga Corporation for the next quarter. January February March 130,000...
Cash Receipts The sales budget for Andrew Inc. is forecasted as follows: Month Sales Revenue May $ 150.000 June 175,000 July 160,000 August 200.000 To prepare a cash budget, the company must determine the budgeted cash collections from sales. Historically, the following trend has been established regarding cash collection of sales • 60 percent in the month of sale. • 20 percent in the month following sale. • 15 percent in the second month following sale. • 5 percent uncollectible....
Clippers Corp. has the following sales budget for the second quarter of 2017: Sales Budget April May June Quarter Cash Sales $ 110,000 $ 175,000 $ 130,000 $ 415,000 Credit Sales $ 275,000 $ 450.000 $ 350,000 $ 1,075,000 $ 385,000 $ 625,000 $ 480,000 $ 1,490,000 Additional information: 1. Credit sales are collected as follows: 15% in the month of sale, 55% in the following month, and 28% in the second following month. 2. Approximately 2% of credit sales...
Feeney Furniture prepared the following sales budget: Month Cash Sales Credit Sales March $23,000 $12,000 April $37,000 $12,000 May $40,000 $39,000 June $54,000 $46,000 Credit collections are 10% two months following the sale, 55% in the month following the sale, and 30% in the month of sale. The remaining 5% is expected to be uncollectible What are the total cash collections in June at Feeney Furniture? O A $36,450 OB. $100,000 OC. $90,450 OD. $29,650
MASTER BUDGET This Company started business on January 1, 2019. The company estimated that sales for the first six months would be as follows: Month January February March April Dollars Units 12,000 S 72,000 9,500 14,000 21,700 130,200 57,000 84,000 May June 20,000 120,000 32,100 192,600 The company sells all items on account and expects collections of accounts receivable to be as follows: 80% in the month of the sale, and the remaining 20% in the month after the sale....
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