The Mandalorian Corporation (Mando) will begin operations January 1, Year 1. It will sell Beskar steele as an online only retailer. Mando expects sales in January Year 1 to total $360,000 and to increase 10 percent per month in February and March. All sales are on account. Franklin expects to collect 67 percent of accounts receivable in the month of sale, 25 percent in the month following the sale, and 8 percent in the second month following the sale. Required a. Prepare a sales budget for the first quarter of Year 1. b. Determine the amount of sales revenue Mando will report on the Year 1 first quarterly pro forma income statement. c. Prepare a cash receipts schedule for the first quarter of Year 1. d. Determine the amount of accounts receivable as of March 31, Year 1.

The Mandalorian Corporation (Mando) will begin operations January 1, Year 1. It will sell Beskar steele as an online only retailer. Mando expects sales in January Year 1 to total $360,000 and to increase 10 percent per month in February and March. All sales are on account. Franklin expects to collect 67 percent of accounts receivable in the month of sale, 25 percent in the month following the sale, and 8 percent in the second month following the sale. Required a. Prepare a sales budget for the first quarter of Year 1. b. Determine the amount of sales revenue Mando will report on the Year 1 first quarterly pro forma income statement. c. Prepare a cash receipts schedule for the first quarter of Year 1. d. Determine the amount of accounts receivable as of March 31, Year 1.

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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