**Bright Minds Toy Company Sales Budget Overview****Sales Budget for the Second Quarter**The projected sales for Bright Minds Toy Company for the second quarter are summarized in the table below, which details cash sales and sales on account for April, May, and June.| Sales Budget | April | May | June ||-------------------|---------|---------|---------|| Cash Sales | 30,000 | 43,000 | 55,000 || Sales on Account | 370,000 | 432,000 | 465,000 || Total Sales | 400,000 | 475,000 | 520,000 |Bright Minds projects the following collection pattern for sales on account:- 70% collected in the month of sale- 20% in the month following the sale- 10% in the second month following the sale**Budgeted Cash Collection for June**The question asks for the budgeted amount of cash collections for June. The multiple-choice answers provided are:- $406,900- $461,900 (selected)- $460,000- $424,900**Calculation of Budgeted Cash Collections for June:**To determine the correct answer, you would calculate the percentage of sales expected to be collected in June based on the provided distribution percentages.The selections indicate that $461,900 is the chosen answer for budgeted cash collections for June.

The cash budget is prepared by the management to identify the future available cash and it helps to…

Answered: Bright Minds Toy Company prepared the…

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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FRANCORP is preparing budgets for the quarter ending March 31. Budgeted sales for the next 5 months are as follows: January February March April May 16250 units 16950 units 17200 units 18350 units 17900 units The selling price per unit is $15. Determine the total budgeted sales for the month of March. O $195.500 O $200,900 $238,550 O $258,000
Walker Company prepares monthly budgets. Company policy is to end each month with merchandise inventory equal to 15% of budgeted unit sales for the following month. Budgeted sales and merchandise purchases for the next three months follow. Beginning inventory on July 1 is 27,000 units. The company budgets sales of 200,000 units in October. The merchandise cost per unit is $2. Budgeted sales units. Units to purchase July 180,000 200,250 August 315,000 308,250 September 270,000 259,500 Prepare the merchandise purchases budgets for the months of July, August, and September. WALKER COMPANY Merchandise Purchases Budget July August September Next period budgeted sales units Ratio of inventory to future sales 0 0 0 Total required units Units to purchase Cost per unit Cost of merchandise purchases
Frolic Corporation has budgeted sales and production over the next quarter as follows: July August September Sales in units 70,000 83,000? question mark Production in units 73,250 84, 750 91,750 The company has 17,500 units of product on hand at July 1. 25% of the next month's sales in units should be on hand at the end of each month. October sales are expected to be 97,000 units. Budgeted sales for September would be (in units):
Anderson Manufacturing Inc., aims to prepare a cash budget for September 2020. The cash balance at the beginning of September is $9,000. The actual sales for July and August and expected sales for September are: Information Cah Sales Sales on Accoun 0000 60,00 Tetal Sales July (5 Augut (5) Septemberis 14,300 Sales on account are collected over a three-month period in the following ratio: 10% in the month of sale, 70% in the month following sale 18% in the second month following sale 2% remaining are uncollectible. Additional information includes: (a) Purchases of inventory will total S 50,000 for September; 20% will be paid for in September. Accounts payable from August's inventory purchases is $ 32,000, all of which will be paid in September. (b) Selling and administrative expenses are budgeted at $ 26,000 for September; of which $ 8,000 is for depreciation. (c) Equipment costing $ 36,000 will be purchased for cash during September, and other miscellancous cash expenses of $ 6,000…
Our company provides the following sales forecast for the next three months: Sales units The company wants to end each month with ending finished goods inventory equal to 10% of the next month's sales. Finished goods inventory on December 31 is 300 units. The budgeted production units for January are: O 3,000 units. O 3,420 units. O 3,720 units. O 3,120 units. January February March 3,000 4,200 5,000 O2,880 units. please answer do not image .
Ratchet Manufacturing's August sales budget calls for sales of 5,000 units. Each month's sales are expected to exceed the prior month's results by 6%. The product selling price is $20 per unit. The expected total sales dollars for September's sales budget are: $100,000. $94,000. $106,000. $112,000. $5,300.
FRANCORP is preparing budgets for the quarter ending March 31. Budgeted sales for the next 5 months are as follows: January February March 16250 units 16950 units 17200 units 18350 units 17900 units April May The selling price per unit is $15. Determine the total budgeted sales for the entire quarter ending March 31st. O $756,000 O $815,000 O $850,350 O $750,550
Frolic Corporation has budgeted sales and production over the next quarter as follows: September ? 61,150 Sales in units Production in units Multiple Choice 68,750 The company has 4,900 units of product on hand at July 1. 10% of the next month's sales in units should be on hand at the end of each month. October sales are expected to be 76,000 units. Budgeted sales for September would be (in units): 59,500 July 44,500 45,250 66,800 August 56,500 56,800
Silver Company makes a product with peak sales in May of each year. Its sales budget for the second quarter is given below: April May June Total Budgeted sales (all on account) $300,000 $500,000 $200,000 $1,000,000 The company estimates 20% of a month's sales are collected in the month of sale, another 70% are collected in the month following sale, and the remaining 10% are 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: Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. What is the accounts receivable balance on June 30th?
Spacely Sprockets' sales budget shows the following expected total sales: Month January February March April Sales $31,700 $41,700 $36,700 $31,700 The company expects 80% of its sales to be on account (credit sales). Credit sales are collected as follows: 30% In the month of sale and 68% In the month following the sale, with the remainder being uncollectible and written off in the month following the sale. Required: a. Calculate budgeted accounts receivable at the end of each month from February through April. b. Calculate budgeted cash Inflows from collection of receivables for each month from February through April. Note: Round your Intermediate calculations and final answers to the nearest whole dollar amount. a. Budgeted accounts receivable Answer is not complete. b. Budgeted cash inflows from collection of receivables February March April S 17,752 S 23,352 $ 20,552
Lexi Company budgets unit sales of 1,510,000 in April, 1,210,000 in May, 320,000 in June, and 1,940,000 in July. Beginning inventory on April 1 is 604,000 units, and the company wants to have 40% of next month's unit sales in inventory at the end of each month. The merchandise cost per unit is $0.50. Prepare a merchandise purchases budget for the months of April, May, and June. LEXI COMPANY Merchandise Purchases Budget April May June Next period budgeted sales units Ratio of inventory to future sales Total required units Units to purchase Cost per unit Cost of merchandise purchases $ $ $
Bright Minds Toy Company prepared the following sales budget for the second quarter. Projected sales for each of the first three months of operations are as follows: Sales Budget Cash Sales Sales on Account April May June 95,000 69,000 120,000 435,000 484,000 470,000 530,000 553,000 590,000 Bright Minds expects to collect 70% of the sales on account in the month of sale, 20% in the month following the sale, and the remainder in the second month following the sale. What is the ending accounts receivable balance that would be reported on the pro forma balance sheet prepared as of June 30?

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