A firm provides the following information about budgeted sales: Budgeted Sales for May Budgeted Sales for June Budgeted Sales for July Additional information: 4,800 units 4,300 units 4,500 units Budgeted Sales Price: $33/unit 40% of sales are made in cash and the remaining sales are made on credit • 20% of the credit sales are collected in the month of sale and the remaining credit sales are collected in the month following the sale ● What is the amount of budgeted cash collections for the month of June? (Round your final answer to the nearest dollar.)

A firm provides the following information about budgeted sales: Budgeted Sales for May Budgeted Sales for June Budgeted Sales for July Additional information: 4,800 units 4,300 units 4,500 units Budgeted Sales Price: $33/unit 40% of sales are made in cash and the remaining sales are made on credit • 20% of the credit sales are collected in the month of sale and the remaining credit sales are collected in the month following the sale ● What is the amount of budgeted cash collections for the month of June? (Round your final answer to the nearest dollar.)

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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What is the production budgeted for the second quarter? Company policy is to have a finished goods inventory at the end of each quarter equal to 18 percent of the next quarter's sales. The sales budget for Your Company's projected quarterly sales for next years as follows: Quarter 1: 44,000 units Quarter 2: 35,000 units Quarter 3: Quarter 4: 42,000 units 55,000 units O 44,340 33,740 36,260 O 39,660
Please help me with show all calculation thanku
Preparing a Budgeted Income Statement Oliver Company provided the following information for the coming year: Units produced and sold 160,000 Cost of goods sold per unit $6.30 Selling price $13 Variable selling and administrative expenses per unit $1.10 Fixed selling and administrative expenses $423,000 Tax rate 18 % Required: Prepare a budgeted income statement for Oliver Company for the coming year. Round all income statement amounts to the nearest dollar. Oliver Company Budgeted Income Statement For the Coming Year $fill in the blank 2 fill in the blank 4 $fill in the blank 6 fill in the blank 8 fill in the blank 10 $fill in the blank 12 fill in the blank 14 $fill in the blank 16 Check My Work3
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Preparing a Budgeted Income Statement Oliver Company provided the following information for the coming year: Units produced and sold 160,000 Cost of goods sold per unit $6.30 Selling price $12 Variable selling and administrative expenses per unit $1.10 Fixed selling and administrative expenses $423,000 Tax rate 28 % Required: Prepare a budgeted income statement for Oliver Company for the coming year. Round all income statement amounts to the nearest dollar. Oliver Company Budgeted Income Statement For the Coming Year Sales v Cost of goods sold v Gross margin Less: Variable selling and administrative expenses Less: Fixed selling and administrative expenses Operating income Less: Income taxes Net income v 24
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