Answer number 11 to 26 only.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Answer number 11 to 26 only.

Transcribed Image Text:GGG Company
Assume that the firm is expecting to have the following quarterly unit sales with a price of P85:
First Quarter
Second Quarter 5,500
Third Quarter
Fourth Quarter
5,000
6,000
6,500
50% of which are collected at the same month and the remaining 30% will be collected next quarter and
the 20% on the next 2 quarters. Assume further that their ending inventory will be 25% of the next
quarter's units and for the fourth quarter they had 1,300 units left. There is an accounts receivable
recorded amounting to P350,000
GGG Company
Sales Budget
For the Year Ended December 31, 2022
Quarter
Total
23,000
85
1,955,000
2
3
Expected sales in units
Unit Sales Price
5,000
85
425,000
Schedule of Expected Cash Collections
5,500
85
467,500
6,000
85
510,000
6,500
85
552,500
Total Sales
1
2
3
Total
Accounts Reccivable
P350,000
P350,000
First Quarter 1.
Second Quarter
Third Quarter
Fourth Quarter
Total Cash Collection
127,500
85,000
4.
5.
6.
7.
233,750
2.
93,500
3.
153,000
276,250
P522,750 10.
8.
P361,250 9.
GGG Company
Production Budget
For the Year Ended December 31, 2022
Quarter
1
2
3
4
Total
Budgeted Sales Volume
Add: Desired Ending Inventory 11.
5,000
5,500
6,000
6,500
23,000
13.
15.
17.
19.
Units Available for Sale
12.
14.
16.
18.
20.
Less: Beginning Inventory
Required Production Units
21.
22.
23.
24.
25.
5,125
5,625
6,125
6,175
26.
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images

Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education