QUESTION 8Planet of the Crepes, Inc. is preparing its master budget in its first month of business. It expects to sell 4,000 crepes at $3 per crepes permonth. It expects to collect 80% of the sales in the month of the sale and 20% in the following month. How much revenue will be collectedin the second month?Ⓒ$12,000$9,600$10,000$2,400$9,000QUESTION 9You plan on starting a lawn mowing business by investing $700 of your own money and purchase $500 of equipment. You plan to work 380hours per month and charge your customers $23 per hour. Your anticipated costs include:AdvertisingGas$40.00 per month$1.40 per hour$25.00 per month$7.00 per hour$40.00 per monthCalculate your Total Variable Cost for the monthly budgeted contribution margin income statement.DepreciationAssistant's WagesMiscellaneous Expenses

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QUESTION 8 Planet of the Crepes, Inc. is preparing its master budget in its first month of business. It expects to sell 4,000 crepes at $3 per crepes per month. It expects to collect 80% of the sales in the month of the sale and 20% in the following month. How much revenue will be collected in the second month? $12,000 $9,600 Ⓒ$10,000 $2,400 $9,000

QUESTION 8 Planet of the Crepes, Inc. is preparing its master budget in its first month of business. It expects to sell 4,000 crepes at $3 per crepes per month. It expects to collect 80% of the sales in the month of the sale and 20% in the following month. How much revenue will be collected in the second month? $12,000 $9,600 Ⓒ$10,000 $2,400 $9,000

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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Question 8.1 Sun Company manufacturers beach umbrellas. The company is preparing detailed budgets for the third quarter and has assembled the following information to assist in the budget preparation: The Marketing Department has estimated sales as follows for the remainder of the year (in units): July 30,000 August 70,000 September 50,000 October 20,000 November 10,000 December 10,000 The selling price of the umbrellas is $12 each. All sales are on account. Based on past experience, sales are expected to be collected in the following pattern: 30% In the month of sale 65% In the month following sale 5% uncollectable Sales for June were $300,000 The company maintains finished goods inventories equal to 15% of the following month’s sales. This requirement will be met at the end of June. Each beach umbrella…
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