Complete part a and b please and thank you **Sales Budget Analysis for Perez Company**Perez Company plans to start operations on January 1, Year 2, focusing on selling digital cameras in shopping malls. The company has prepared a sales budget, anticipating a steady increase in sales by 14% per month for February and March. The ratio of cash sales to sales on account will remain consistent from January through March.**Requirements:**a. Complete the sales budget by calculating the missing amounts for February and March.b. Determine the sales revenue for the first quarter to be reported in Perez's pro forma income statement.**Instructions:**- Fill in the missing amounts in the sales budget.- Note: Do not round intermediate calculations. Round final answers to two decimal places.**Sales Budget Table:**| Sales | January | February | March ||-----------------------------|----------|----------|-------|| Cash sales | $38,000 | | || Sales on account | $111,000 | | || Total budgeted sales | $149,000 | | |This table is a preliminary summary of the sales budget for Perez Company. Calculations need to be completed for the months of February and March, with the necessary percentage increase applied to each type of sale.

The sales revenue includes both credit and cash sales. The credit sales increases the account…

Perez Company, which expects to start operations on January 1, year 2, will sell digital cameras in shopping malls. Perez has budgete 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.

Perez Company, which expects to start operations on January 1, year 2, will sell digital cameras in shopping malls. Perez has budgete 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.

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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