Please do not give solution in image format thanku 41-b. Prepare the schedule of expected cash collections.Accounts receivable, beginning balance1st Quarter sales2nd Quarter sales3rd Quarter sales4th Quarter salesTotal cash collectionsBudgeted unt salesTotal units needed.FORTIN LIMITEDSchedule of Expected Cash CollectionsFirstQuarterRequired production$165,0002. Prepare the company's production budget for the upcoming fiscal yearFirstQuarter165,000 $0SecondQuarterFORTIN LIMITEDProduction Budget0SecondQuarter0050ThirdQuarterThirdQuarter000 $FourthQuarterFourthQuarter00S 165,0000000$YearYear165,0000010 4Fortin Limited produces and sells a single product, a wearable LED light for runners and cyclists. The analytics group at Fortin Limitedhas developed the following estimates for unit sales in the upcoming yearBudgeted init salesFirstQuarter25,600The light sells for $60 per unit and all sales are on account. 75% of sales are expected to be collected in the quarter of sale, with theremainder in the following quarter Accounts receivable at the beginning of the quarter were $165,000 and will all be collected duringthe first quarter of the year.Required:1-8. Prepare the company's sales budget.Budgeted unit salesSeling price per unitTotal SalesAt the end of the previous quarter there were 2.200 units in finished goods inventory. The desired ending finished goods inventory atthe end of each quarter is 10% of the next quarter's budgeted sales. Management expects sales in the fourth quarter of the upcomingyear to be the same as the first quarter of the following year$Second ThirdQuarter Quarter22,200 20,300FirstQuarterFourthQuarter21,600SecondQuarterThirdQuarterFourthQuarterYear

The budgets are prepared to estimate the production requirements for the period. The sales revenue…

4 Fortin Limited produces and sells a single product, a wearable LED light for runners and cyclists. The analytics group at Fortin Limited has developed the following estimates for unit sales in the upcoming year Budgeted unit sales First Quarter The light sells for $60 per unit and all sales are on account. 75% of sales are expected to be collected in the quarter of sale, with the remainder in the following quarter Accounts receivable at the beginning of the quarter were $165,000 and will all be collected during the first quarter of the year Required: 1-a. Prepare the company's sales budget. Budgeted unit sales Seting price per un Total Sales Second Quarter 22,200 At the end of the previous quarter there were 2.200 units in finished goods inventory. The desired ending finished goods inventory at the end of each quarter is 10% of the next quarter's budgeted sales Management expects sales in the fourth quarter of the upcoming year to be the same as the first quarter of the following year First Quarter Third Fourth Quarter Quarter 20,300 21,600 Second Quarter Third Quarter $ Fourth Quarter Year

4 Fortin Limited produces and sells a single product, a wearable LED light for runners and cyclists. The analytics group at Fortin Limited has developed the following estimates for unit sales in the upcoming year Budgeted unit sales First Quarter The light sells for $60 per unit and all sales are on account. 75% of sales are expected to be collected in the quarter of sale, with the remainder in the following quarter Accounts receivable at the beginning of the quarter were $165,000 and will all be collected during the first quarter of the year Required: 1-a. Prepare the company's sales budget. Budgeted unit sales Seting price per un Total Sales Second Quarter 22,200 At the end of the previous quarter there were 2.200 units in finished goods inventory. The desired ending finished goods inventory at the end of each quarter is 10% of the next quarter's budgeted sales Management expects sales in the fourth quarter of the upcoming year to be the same as the first quarter of the following year First Quarter Third Fourth Quarter Quarter 20,300 21,600 Second Quarter Third Quarter $ Fourth Quarter Year

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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