Help me do excercise 9-1 particular . Thanks you cur in May of each year, as shown in the company's sales budget for the second quarter givenSilver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales oc--CCabelow:AprilMayJuneTotalRudgeted sales (all on account). . . . ....$300,000$500,000$200,000$1,000,000From past experience, the company has learned that 20% of a month's sales are collected inmonth of sale, another 70% are collected in the month following sale, and the remaining 10%collected in the second month following sale. Bad debts are negligible and can be ignored.February sales totaled $230,000, and March sales totaled $260.000.Required:1 Prepare a schedule of expected cash collections from sales, by month and in total, for the sec-ond quarter.2. Assume that the company will prepare a budgeted balance sheet as of June 30. Compute theaccounts receivable as of that date.EXERCISE 9-2 Production Budget [LO3]Down Under Products, Ltd., of Australia has budgeted sales of its popular boomerang for the ne=four months as follows:Salesin Units50,000AprilMay75,00090,000June.80,000July..ThecompanyIs now in the process of preparing a production budget for the second quarter.

Accounts receivable: The amount of money to be received by the company for the sale of goods and…

1. Prepare a schedule of expected cash collections from sales, by month and in total, for the sec ond quarter. 2. Assume that the company will prepare a budgeted balance sheet as of June 30. Compute the accounts receivable as of that date.

1. Prepare a schedule of expected cash collections from sales, by month and in total, for the sec ond quarter. 2. Assume that the company will prepare a budgeted balance sheet as of June 30. Compute the accounts receivable as of that date.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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