Fanning Company, which expects to start operations on January 1, year 2, will sell digital cameras in shopping malls. Fanning hasbudgeted sales as indicated in the following table. The company expects a 12 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.b. Determine the amount of sales revenue Fanning will report on its first quarter pro forma income statement.Complete this question by entering your answers in the tabs below.Required A Required BComplete the sales budget by filling in the missing amounts. (Do not round intermediate calculations. Round final answers totun derimal nlacesof Cinciming yourBELIPE LOUD UCIUW.Required A Required BComplete the sales budget by filling in the missing amounts. (Do not round intermediate calculations. Round final answers totwo decimal places.)SalesFebruaryMarchCash sales$January38,000106,000Sales on accountTotal budgeted sales$ 144,000Required B >Complete this question by entering your answers in the tabs below.Required A Required BDetermine the amount of sales revenue Fanning will report on its first quarter pro forma income statemenintermediate calculations. Round final answers to two decimal places.)Sales revenue< Required ARequired B >(Do not round

Total sales revenue for first quarter = Total budgeted sales revenue for January,February and…

Fanning Company, which expects to start operations on January 1, year 2, will sell digital cameras in shopping malls. Fanning 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 Fanning will report on its first quarter pro forma income statement Complete this question by entering your answers in the tabs below.

Fanning Company, which expects to start operations on January 1, year 2, will sell digital cameras in shopping malls. Fanning 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 Fanning will report on its first quarter pro forma income statement Complete this question by entering your answers in the tabs below.

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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