PROBLEM 7-A SALES BUDGETSales volume for the year 2017 has been estimated for Queennie Apparels as follows:ProductsPants46,00049,00043,00040,000ShirtsQuartersFirstSecondThirdDresses32,00035,00031,00029,00083,000 127,000 178,00018,00021,00024,00020,000FourthTotalSelling prices for these products are: Shirts - P65; Dresses - P100; Pants - P180. Anestimated 5% of sales is expected for sales returns and allowances. 80% of sales are onaccount and 20% is cash sales. 75% of credit sales is collected in the same quarter of the salewhile 25% is collected in the following quarter.Required:Prepare a sales budget for the year 2017 with a schedule of expected cash collections.

Sales Budget for the Year 2017 Shirts Dresses Pants Total units Total sales…

Answered: Prepare a sales budget for the year…

Business

Accounting

Prepare a sales budget for the year 2017 with a schedule of expected cash collections.

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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