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

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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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
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