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 for the coming year is as
follows:
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | |||||||
Budgeted sales units | 25,400 | 40,500 | 53,200 | 87,400 |
Prepare Crane, Inc.'s, cash receipts budget for the coming year.
(Enter answers in necessary fields only. Leave other
fields blank. Do not enter 0.)
Sales Budget | ||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | Annual | ||||
Budgeted units sold | ||||||||
Budgeted sales price | $ | $ | $ | $ | $ | |||
Budgeted sales revenue | $ | $ | $ | $ | $ |
Cash Receipts Budget | ||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | Bad Debts | ||||
1st quarter sales | $ | $ | $ | $ | $ | |||
2nd quarter sales | ||||||||
3rd quarter sales | ||||||||
4th quarter sales | ||||||||
Totals | $ | $ | $ | $ | $ |
Determine the Net Accounts Receivable at the end of the year.
Assume that no accounts have been written off during the
year.
Net Accounts Receivable | $ |
In the coming year, Crane, Inc. will be introducing its first product, a wrist brace that...
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