In the coming year, Marigold, Inc. will be introducing its first product, a wrist brace that protects serious video gamers from repetitive-motion injuries. The brace will be sold for $ 17.00 to retailers throughout the country. All sales will be made on account. An expected 65% of sales will be collected within the quarter of the sale, and another 30% in the quarter following the sale. The remaining 5% of credit sales are expected to be uncollectible. The sales budget for the coming year is as follows: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Budgeted sales units 20,000 41,000 59,000 82,000 Prepare Marigold, Inc.'s cash receipts budget for the coming year. (Enter answers in necessary fields only. Leave other fields blank. Do not enter 0. Round "Budgeted sale price" and "Cash Receipts Budgets" answers to 2 decimal places, e.g. 52.75 and all other answers to 0 decimal places, e.g. 5,275.) Sales Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Annual Budgeted units sold 20,000 41000 59000 82000 202,000 Budgeted sales price $ 17 $ 17 $17 $ 17 $ 17 Budgeted sales revenue 340,000 697,000 1,003,000 1,394,000 3,434,000 Cash Receipts Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Bad Debts 1st quarter sales $221,000 $ enter a dollar amount $ enter a dollar amount $ enter a dollar amount $ enter a dollar amount 2nd quarter sales enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount 3rd quarter sales enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount 4th quarter sales enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount Totals $ enter a total amount $ enter a total amount $ enter a total amount $ enter a total amount $ enter a total amount Determine the Net Accounts Receivable at the end of the year. Net Accounts Receivable $ enter the net accounts receivable in dollars
In the coming year, Marigold, Inc. will be introducing its first product, a wrist brace that protects serious video gamers from repetitive-motion injuries. The brace will be sold for $ 17.00 to retailers throughout the country. All sales will be made on account. An expected 65% of sales will be collected within the quarter of the sale, and another 30% in the quarter following the sale. The remaining 5% of credit sales are expected to be uncollectible. The sales budget for the coming year is as follows:
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | |||||||
---|---|---|---|---|---|---|---|---|---|---|
Budgeted sales units
|
20,000 | 41,000 | 59,000 | 82,000 |
Prepare Marigold, Inc.'s
Sales Budget
|
||||||||
---|---|---|---|---|---|---|---|---|
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | Annual | ||||
Budgeted units sold
|
20,000 | 41000 | 59000 | 82000 | 202,000 | |||
Budgeted sales price
|
$ 17 | $ 17 | $17 | $ 17 | $ 17 | |||
Budgeted sales revenue
|
340,000 | 697,000 | 1,003,000 | 1,394,000 | 3,434,000 |
Cash Receipts Budget
|
||||||||
---|---|---|---|---|---|---|---|---|
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | |||||
1st quarter sales
|
$221,000 | $ enter a dollar amount | $ enter a dollar amount | $ enter a dollar amount | $ enter a dollar amount | |||
2nd quarter sales
|
enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | |||
3rd quarter sales
|
enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | |||
4th quarter sales
|
enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | |||
Totals
|
$ enter a total amount | $ enter a total amount | $ enter a total amount | $ enter a total amount | $ enter a total amount |
Determine the Net
Net Accounts Receivable | $ enter the net accounts receivable in dollars |
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