Exercise 7-2A (Algo) Preparing a sales budget LO 7-2 Perez Company, which expects to start operations on January 1, year 2, will sell digital cameras in shopping malls. Perez has budgeted sales as indicated in the following table. The company expects a 14 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. Note: Do not round intermediate calculations. Round final answers to two decimal places. February March Sales Cash sales Sales on account Total budgeted sales January $ 42.000 116.000 $ 158.000 Required A Required B >

Exercise 7-2A (Algo) Preparing a sales budget LO 7-2 Perez Company, which expects to start operations on January 1, year 2, will sell digital cameras in shopping malls. Perez has budgeted sales as indicated in the following table. The company expects a 14 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. Note: Do not round intermediate calculations. Round final answers to two decimal places. February March Sales Cash sales Sales on account Total budgeted sales January $ 42.000 116.000 $ 158.000 Required A Required B >

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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Question 8.1 Sun Company manufacturers beach umbrellas. The company is preparing detailed budgets for the third quarter and has assembled the following information to assist in the budget preparation: The Marketing Department has estimated sales as follows for the remainder of the year (in units): July 30,000 August 70,000 September 50,000 October 20,000 November 10,000 December 10,000 The selling price of the umbrellas is $12 each. All sales are on account. Based on past experience, sales are expected to be collected in the following pattern: 30% In the month of sale 65% In the month following sale 5% uncollectable Sales for June were $300,000 The company maintains finished goods inventories equal to 15% of the following month’s sales. This requirement will be met at the end of June. Each beach umbrella…
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Exercise 4-26 Millet Corporation manufactures and sells stuff toys. She is busy with the third and fourth quarters of 2021 at the moment. She asks your help to prepare some of these budgets: The sales budget in units is as follows: Third quarter Fourth quarter 45,000 pieces 70,000 pieces 140 It is decided that stuff toys inventories are to be 20,000 picces at the end of the third quarter, and 5,000 pieces at the end of the fourth quarter. The inventory at the start of the third quarter will consist of 8,000 stuff toys. Each stuff toy is packaged in a colorful cardboard box, and contains 2 units of Material A and 5 units of Material B. The inventory of materials at the beginning of the third quarter will be: 125,000 pieces 15,000 units Воxes Material A Material B 45,000 units There are sufficient boxes on hand for both quarters; none will be purchased during the two periods. Material A can be bought whenever needed and in any quantity desired. The starting inventory of 15,000 units is…
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Problem 01:4 ZYX has total sales for June and July of $30,000 and $25,000, respectively. Cash sales are normally 40% of total sales. Of the credit sales, 40% are collected in the same month as the sale, 50% are collected during the first month after the sale, and the remaining 10% are collected in the second month. Determine the amount of accounts receivable reported on the company's budgeted balance sheet as of July 31.
Problem 2. Tyrion Company has the following budgeted production for the 2nd quarter ending in June 30. April May June Quarter Budgeted Production 40,000 50,000 60,000 150,000 Each unit requires 3 pounds of raw material that costs $5.00 per pound. Management desires to end each month with an inventory of raw materials equal to 20% of the following month's production needs. The desired ending inventory for June is 40,000 pounds. Management plans to pay for 60% of raw material purchases in the month acquired and 40% in the following month. In addition, the beginning raw materials inventory for April is budgeted to be 24,000 pounds and the beginning accounts payable for the April is budgeted to be $50,820. Required: a. Prepare the company's direct materials budget and schedule of expected cash disbursements for purchases of materials for the 2nd quarter ending in June. b. If the actual cost of material purchased is $4.5 per pound and 4 pounds of raw materials were purchased to manufacture…
Complete g cash budget table please and thank you
Question 9
Problem 3- Hammerly Corporation is preparing its master budget for the quarter ending March 31 It sells a single product for $35 a unit. Budgeted sales are 60% cash and 40% on credit. All credit sales are collected in the month following the sales. Budgeted unit sales for the next four months follow: March April 1,600 1,400 Sales in units January 1,200 February 1,000 At December 31, the balance in accounts receivable is $10,000, which represents the uncollected portion of December sales. The company desires merchandise inventory equal to 20% of the next month's sales in units. The December 31 balance of merchandise inventory is 340 units, and inventory cost is $10 per unit. Use the charts on the next page to prepare the following portions of the master budget (round all dollar amounts to the nearest whole dollar) for each of the months of January, February, and March.