Parliament Company, which expects to start operations on January 1, year 2, will sell digital cameras in shopping malls. Parliament hasbudgeted sales as indicated in the following table. The company expects a 10 percent increase in sales per month for February andMarch. The ratio of cash sales to sales on account will remain stable from January through March.Requireda. Complete the sales budget by filling in the missing amounts.Note: Use the cells from the given information to complete this question.FebruarySalesCash salesSales on accountTotal budgeted salesJanuary1b. Determine the amount of sales revenue Parliament will report on its first quarter pro forma income statement.Note: Use the cells from the given information to complete this question.Sales revenue$50,000120,000$170,000$170,000March$00$0$010%

A sales budget is a financial plan that projects future sales volumes and revenues. It gives…

Answered: budgeted sales as indicated in 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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Please help me with show all calculation thanku
Assume a company is preparing a budget for its first two months of operations. During the first and second months it expects credit sales of $40,000 and $77,000, respectively. The company expects to collect 30% of its credit sales in the month of the sale and the remaining 70% in the following month. What is the expected cash collections from credit sales during the first month?
Markham Company has completed its sales budget for the first quarter of Year 2. Projected credit sales for the first four months of the year are shown below: January February March April $ 20,000 $ 26,000 $ 35,000 $ 38,000 The company's past records show collection of credit sales as follows: 40% in the month of sale and the balance in the following month. The total cash collection from receivables in March is expected to be: Multiple Choice $29,600. $22,100. $31,850. $35,000.
Perez Company, which expects to start operations on January 1, 2018, will sell digital cameras in shopping malls. Perez has budgeted sales as indicated in the following table. The company expects a 12 percent increase in sales per month for February and March. The ratio of cash sales to sales on account will remain stable from January through March. Required a. Complete the sales budget by filling in the missing amounts. b. Determine the amount of sales revenue Perez will report on its first quarter pro forma income statement. Complete this question by entering your answers in the tabs below. Required A Required B Complete the sales budget by filling in the missing amounts. (Round intermediate calculations and final answers to 2 decimal places.) Sales January February March $ 46,000 116,000 Cash sales Sales on account Total budgeted sales $ 162,000
Manu has forecast sales to be $32,000 in February, $41,400 in March, $53,200 in April, and $58,600 in May. 64% of sales are on made on credit, the rest are for cash. The sales on credit are collected 30% in the month of sale, and 70% the month following. What are the total budgeted cash receipts in March? What is the accounts receivable balance as of April 30 ? Prepare the cash receipts budget Item Calculation Amount
Fill in the missing cells in the following cash budget. Interpret the values for NCF and the ending cash position. Develop a cash budget for the next two months using the following information: Monthly sales forecasts are $210,000 and $30,000 for the next two months Sales in the current month were $140,000 80 percent of sales are collected in the month of sale, with the remainder collected in the following month Cost of goods sold equal 70 percent o sales The monthly lease payment is $75,000 The cash position at the end of the current month is $70,000 The target cash balance is $40,000

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budgeted sales as indicated in the following table. The company expects a 10 percent increase in sales per month for February and March. The ratio of cash sales to sales on account will remain stable from January through March.