Please do not give solution in image format thanku Required:1. Prepare a sales budget, by month and in total, for the third quarter. (Show your budget in both units of water tubes and dollars.) Alsoprepare a schedule of expected cash collections, by month and in total, for the third quarter.Budgeted sales (units)Selling price per unitTotal budgeted salesAccounts receivable, beginning balanceJuly sales:August sales:September sales:Total cash collectionsTotal Material D236 needsSales budgetJulyRequired production (units)Material D236 needed per unit (kgs.)Production needs (kgs.)Schedule of expected cash collectionsJulyAugustSeptember purchases:Total cash disbursementsAugustRaw materials to be purchasedCost of raw materials to be purchased at $3.50 per kgAccounts payable, beginning balanceJuly purchases:August purchases:September03. Prepare a direct materials purchases budget for synthetic rubber compound, by month and in total, for the third quarter. Alsoprepare a schedule of expected cash disbursements for synthetic rubber compound, by month and in total, for the third quarter.0$QuarterSeptember QuarterDirect materials purchases budgetJulySchedule of expected cash disbursementJulyAugust0 $000AugustSeptember0 $0000 $SeptemberQuarter000Quarter00 Water Sport Inc. manufactures a small personal water tube used for children learning to swim. Management is now preparing detailedbudgets for the third quarter, July through September, and has assembled the following information to assist:a. The Marketing Department has estimated sales as follows for the remainder of the year (number of water tubes):JulyAugustSeptember8,000 October6,500 November5,500 December4,4004,0003,500The selling price of the water tubes is $60.b. All sales are on account. Based on past experience, sales are expected to be collected in the following pattern:50% in the month of sale45% in the month following sale5%uncollectibleThe beginning accounts receivable balance (excluding uncollectible amounts) on July 1 will be $167,500.c. The company maintains finished goods inventories equal to 20% of the following month's sales. The inventory of finished goods onJuly 1 will be 1,600 units.d. Each water tube requires 4 kilograms of synthetic polyisoprene rubber compound. To prevent shortages, the company would likethe inventory of synthetic rubber compound on hand at the end of each month to be equal to 20% of the following month'sproduction needs. The inventory of synthetic rubber compound on hand on July 1 will be 6,160 kilograms.e. The synthetic rubber compound costs $3.50 per kilogram. Water Sport pays for 70% of its purchases in the month of purchase; theremainder is paid for in the following month. The accounts payable balance for synthetic rubber compound purchases will be$15,900 on July 1.

Budgeting is a financial record prepared in advance based on past experience of estimated cost and…

Required: 1. Prepare a sales budget, by month and in total, for the third quarter. (Show your budget in both units of water tubes and dollars.) Also prepare a schedule of expected cash collections, by month and in total, for the third quarter.

Required: 1. Prepare a sales budget, by month and in total, for the third quarter. (Show your budget in both units of water tubes and dollars.) Also prepare a schedule of expected cash collections, by month and in total, for the third quarter.

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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