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year, Crane, Inc. will be introducing its first product, a wrist brace that protects serious video gar es. The brace will be sold for $10.00 to retailers throughout the country. All sales will be made on will be collected within the quarter of the sale, and another 30% in the quarter following the sale. e expected to be uncollectible. The sales budget for the coming year is as follows: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter

year, Crane, Inc. will be introducing its first product, a wrist brace that protects serious video gar es. The brace will be sold for $10.00 to retailers throughout the country. All sales will be made on will be collected within the quarter of the sale, and another 30% in the quarter following the sale. e expected to be uncollectible. The sales budget for the coming year is as follows: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter

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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In the coming year, Crane, Inc. will be introducing its first product, a wrist brace that protects serious video gamers from repetitive- motion injuries. The brace will be sold for $10.00 to retailers throughout the country. All sales will be made on account. An expected 65% of sales will be collected within the quarter of the sale, and another 30% in the quarter following the sale. The remaining 5% of credit sales are expected to be uncollectible. The sales budget for the coming year is as follows: Budgeted sales units 2nd Quarter $ 1st Quarter $ 20,000 Sales Budget 2nd Quarter Prepare Crane, Inc.'s cash receipts budget for the coming year. (Enter answers in necessary fields only. Leave other fields blank. Do not enter O. Round "Budgeted sale price" and "Cash Receipts Budgets" answers to 2 decimal places, e.g. 52.75 and all other answers to O decimal places, e.g. 5,275.) $ 40,000 3rd Quarter $ 3rd Quarter 50,000 4th Quarter 4th Quarter $ $ 70,000 Annual $ $
Transcribed Image Text:In the coming year, Crane, Inc. will be introducing its first product, a wrist brace that protects serious video gamers from repetitive- motion injuries. The brace will be sold for $10.00 to retailers throughout the country. All sales will be made on account. An expected 65% of sales will be collected within the quarter of the sale, and another 30% in the quarter following the sale. The remaining 5% of credit sales are expected to be uncollectible. The sales budget for the coming year is as follows: Budgeted sales units 2nd Quarter $ 1st Quarter $ 20,000 Sales Budget 2nd Quarter Prepare Crane, Inc.'s cash receipts budget for the coming year. (Enter answers in necessary fields only. Leave other fields blank. Do not enter O. Round "Budgeted sale price" and "Cash Receipts Budgets" answers to 2 decimal places, e.g. 52.75 and all other answers to O decimal places, e.g. 5,275.) $ 40,000 3rd Quarter $ 3rd Quarter 50,000 4th Quarter 4th Quarter $ $ 70,000 Annual $ $
Budgeted units sold Budgeted sales price Budgeted sales revenue 1st quarter sales 2nd quarter sales 3rd quarter sales 4th quarter sales 2nd Quarter $ $ 2nd Quarter $ 1st Quarter $ $ $ 1st Quarter Sales Budget 3rd Quarter $ Net Accounts Receivable $ $ Cash Receipts Budget 3rd Quarter $ $ 2nd Quarter $ 2nd Quarter S Determine the Net Accounts Receivable at the end of the year. 4th Quarter $ $ Sales Budget $ 4th Quarter 3rd Quarter Cash Receipts Budget 3rd Quarter $ 1000 Annual $ $ Bad Debts $ 4th Quar 4th Quarter
Transcribed Image Text:Budgeted units sold Budgeted sales price Budgeted sales revenue 1st quarter sales 2nd quarter sales 3rd quarter sales 4th quarter sales 2nd Quarter $ $ 2nd Quarter $ 1st Quarter $ $ $ 1st Quarter Sales Budget 3rd Quarter $ Net Accounts Receivable $ $ Cash Receipts Budget 3rd Quarter $ $ 2nd Quarter $ 2nd Quarter S Determine the Net Accounts Receivable at the end of the year. 4th Quarter $ $ Sales Budget $ 4th Quarter 3rd Quarter Cash Receipts Budget 3rd Quarter $ 1000 Annual $ $ Bad Debts $ 4th Quar 4th Quarter
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