Parliament Company, which expects to start operations on January 1, year 2, will sell digital cameras in shopping malls. Parliament hasbudgeted sales as indicated in the following table. The company expects a 10 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 Parliament 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.FebruarySalesCash salesSales on accountTotal budgeted salesJanuary$ 50,000120,000$ 170,000 Parliament Company, which expects to start operations on January 1, year 2, will sell digital cameras in shopping malls. Parliament hasbudgeted sales as indicated in the following table. The company expects a 10 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 Parliament will report on its first quarter pro forma income statement.Complete this question by entering your answers in the tabs below.Required A RequiredDetermine the amount of sales revenue Parliament will report on its first quarter pro forma income statement.Sales revenue< Required ARequired >

Parliament Company, which expects to start operations on January 1, year 2, will sell digital cameras in shopping malls. Parliament h budgeted sales as indicated in the following table. The company expects a 10 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 Parliament 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. January $ 50,000 120,000 $ 170,000 Sales Cash sales Sales on account i Total budgeted sales February Required A March Required B >

Parliament Company, which expects to start operations on January 1, year 2, will sell digital cameras in shopping malls. Parliament h budgeted sales as indicated in the following table. The company expects a 10 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 Parliament 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. January $ 50,000 120,000 $ 170,000 Sales Cash sales Sales on account i Total budgeted sales February Required A March 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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Parliament Company, which expects to start operations on January 1, year 2, will sell digital cameras in shopping malls. Parliament has budgeted sales as indicated in the following table. The company expects a 10 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. Note: Use the cells from the given information to complete this question. February Sales Cash sales Sales on account Total budgeted sales January 1 b. Determine the amount of sales revenue Parliament will report on its first quarter pro forma income statement. Note: Use the cells from the given information to complete this question. Sales revenue $50,000 120,000 $170,000 $170,000 March $0 0 $0 $0 10%
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Empire Records Incorporated is a music retail store that began operations on January 1, Year 1. The company has budgeted sales as indicated in the following table. The company expects a 5 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. The company expects 50% of the sales on account to be collected in the month of sale with the remaining 50% collected in the month following the sale. Required: a. Complete the sales budget by filling in the missing amounts. b. What are the expected total cash receipts for the month of February? 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. January February March Sales Budget Cash sales Sales on account Total budgeted sales $ 63,200 140,000 203,200 0 0 Required B >