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Rovniak Reeds, a manufacturer of saxophone, oboe, and clarinet reeds, has projected sales to be $908,000 in October, $966,000 in November, $1,040,000 in December, and $920,000 in January Rovniak's sales are 20% cash and 80% credit. The company's collection history indicates that credit sales are collected as follows: 30% in the month of the sale 60% in the month after the sale 8% two months after the sale 2% are never collected Requirements 1. Prepare a sales budget for all four months, showing the breakdown between cash and credit sales 2. Prepare a cash collection budget for December and January Round all answers up to the nearest dollar Requirement 1. Prepare a sales budget for all four months, showing the breakdown between cash and credit sales Rovniak Reeds Sales Budget Cash sales Credit sales Total sales For the Four Months Ended January November December October GELD January

Rovniak Reeds, a manufacturer of saxophone, oboe, and clarinet reeds, has projected sales to be $908,000 in October, $966,000 in November, $1,040,000 in December, and $920,000 in January Rovniak's sales are 20% cash and 80% credit. The company's collection history indicates that credit sales are collected as follows: 30% in the month of the sale 60% in the month after the sale 8% two months after the sale 2% are never collected Requirements 1. Prepare a sales budget for all four months, showing the breakdown between cash and credit sales 2. Prepare a cash collection budget for December and January Round all answers up to the nearest dollar Requirement 1. Prepare a sales budget for all four months, showing the breakdown between cash and credit sales Rovniak Reeds Sales Budget Cash sales Credit sales Total sales For the Four Months Ended January November December October GELD January

FINANCIAL ACCOUNTING
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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< Rovniak Reeds, a manufacturer of saxophone, oboe, and clarinet reeds, has projected sales to be $908,000 in October, $966,000 in November, $1,040,000 in December, and $920,000 in January Rovniak's sales are 20% cash and 80% credit. The company's collection history indicates that credit sales are collected as follows: 30% in the month of the sale 60% in the month after the sale 8% two months after the sale 2% are never collected Requirements 1. Prepare a sales budget for all four months, showing the breakdown between cash and credit sales 2. Prepare a cash collection budget for December and January. Round all answers up to the nearest dollar GILD Requirement 1. Prepare a sales budget for all four months, showing the breakdown between cash and credit sales Rovniak Reeds Sales Budget Cash sales Credit sales Total sales For the Four Months Ended January November December October January
Transcribed Image Text:< Rovniak Reeds, a manufacturer of saxophone, oboe, and clarinet reeds, has projected sales to be $908,000 in October, $966,000 in November, $1,040,000 in December, and $920,000 in January Rovniak's sales are 20% cash and 80% credit. The company's collection history indicates that credit sales are collected as follows: 30% in the month of the sale 60% in the month after the sale 8% two months after the sale 2% are never collected Requirements 1. Prepare a sales budget for all four months, showing the breakdown between cash and credit sales 2. Prepare a cash collection budget for December and January. Round all answers up to the nearest dollar GILD Requirement 1. Prepare a sales budget for all four months, showing the breakdown between cash and credit sales Rovniak Reeds Sales Budget Cash sales Credit sales Total sales For the Four Months Ended January November December October January
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