Question

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 Required 8. Complete the sales budget by filing in the missing amounts. b. Determine the amount of sales revenue Vernon will report on its first quarter pro forma income statement. Complete this question by entering your answers in the tabs below. Required A Required B Complete the sales budget by filling in the missing amounts. (Round intermediate calculations and final answers to 2 decimal places.) February March January $ 35.000 106,000 $ 141,000 To budgeted sales Required ) < Prev 104 Next >

Answer 1

A.
	Sales	January	February	March
	Cash sales	$     35,000	$           40,250	$         46,287.50
	Sales on account	$ 1,06,000	$       1,21,900	$           1,40,185
	Total budgeted sales	$ 1,41,000	$       1,62,150	$     1,86,472.50
B.	Sales Revenue	=	$141000 + $162150 + $186472.5
		=	$ 4,89,622.50

в F 1 A. 2 Sales January Cash sales 35000 Sales on account 106000 Total budgeted sales =SUM(C3:04) February =C3*1.15 =C4*1.15 =SUM(D3:04) March =D3*1.15 =D4*1.15 =SUM(E3:E4) 4 5 7 B. Sales Revenue $141000 + $162150 + $186472.5 =C5+D5+E5