Homework Answers
| Quarter 1 | Quarter 2 | Quarter 3 | Quarter 4 | Total | |
| Cash received from same quarter sale | 4600000*75% = 3450000 | 5100000*75% = 3825000 | 5000000*75% = 3750000 | 7600000*75% = 5700000 | $16725000 |
| Cash received from last quarter sale | 6850000*22% = 1507000 | 4600000*22% = 1012000 | 5100000*22% = 1122000 | 5000000*22% = 1100000 | 4741000 |
| Cash receipt budget | $4957000 | $4837000 | $4872000 | $6800000 | $21466000 |
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5. Shalimar Company manufactures and sells industrials products. For 2017, Shalimar has budgeted the following sales:...
Cash Receipts Budget and Accounts Receivable Aging Schedule Shalimar Company manufactures and sells industrial products. For...
Cash Receipts Budget and Accounts Receivable Aging Schedule Shalimar Company manufactures and sells industrial products. For next year, Shalimar has budgeted the following sales: Quarter 1 Quarter 2 Quarter 3 Quarter 4 $4,600,000 5,100,000 5,000,000 7,600,000 In Shalimar's experience, 10 percent of sales are paid in cash. Of the sales on account, 65 percent are collected in the quarter of sale, 25 percent are collected in the quarter following the sale, and 7 percent are collected in the second quarter...
Cash Receipts Budget and Accounts Receivable Aging Schedule Shalimar Company manufactures and sells industrial products....
Cash Receipts Budget and Accounts Receivable Aging Schedule Shalimar Company manufactures and sells industrial products. For next year, Shalimar has budgeted the following sales: Quarter 1 $4,600,000 Quarter 2 5,100,000 Quarter 3 5,000,000 Quarter 4 7,600,000 In Shalimar’s experience, 10 percent of sales are paid in cash. Of the sales on account, 65 percent are collected in the quarter of sale, 25 percent are collected in the quarter following the sale, and 7 percent are collected in the second quarter...
Cash Receipts Budget and Accounts Receivable Aging Schedule Shalimar Company manufactures and sells industrial products. For...
Cash Receipts Budget and Accounts Receivable Aging Schedule Shalimar Company manufactures and sells industrial products. For next year, Shalimar has budgeted the following sales: Quarter 1 $4,740,000 Quarter 2 5,600,000 Quarter 3 3,730,000 Quarter 4 8,220,000 In Shalimar's experience, 10 percent of sales are paid in cash. Of the sales on account, 65 percent are collected in the quarter of sale, 25 percent are collected in the quarter following the sale, and 7 percent are collected in the second quarter...
Cornerstone Exercise 8.11 (Algorithmic) Cash Receipts Budget and Accounts Receivable Aging Schedule Shalimar Company manufactures and...
Cornerstone Exercise 8.11 (Algorithmic)
Cash Receipts Budget and Accounts Receivable Aging Schedule
Shalimar Company manufactures and sells industrial products. For
next year, Shalimar has budgeted the following sales:
Quarter 1
$4,720,000
Quarter 2
6,030,000
Quarter 3
3,110,000
Quarter 4
8,450,000
In Shalimar’s experience, 10 percent of sales are paid in cash.
Of the sales on account, 65 percent are collected in the quarter of
sale, 25 percent are collected in the quarter following the sale,
and 7 percent are collected...
Power Ridge Corporation has forecast credit sales for the fourth quarter of the year as follows:...
Power Ridge Corporation has forecast credit sales for the fourth quarter of the year as follows: September $50,000 (actual) Fourth Quarter October 40,000 November 35,000 December 60,000 Experience has shown 20 percent of sales are collected in the month of sale, 70 percent are collected in the following month, and 10 percent are never collected. Prepare a cash receipts schedule for Power Ridge Corporation covering the fourth quarter (October through December). Power Ridge Corporation Cash Receipts Schedule September October November...
Power Ridge Corporation has forecast credit sales for the fourth quarter of the year as follows:...
Power Ridge Corporation has forecast credit sales for the fourth quarter of the year as follows: September (actual Fourth Quarter October November December $58.000 53,000 78,000 Experience has shown 40 percent of sales are collected in the month of sale, 50 percent are collected in the following month, and percent are never collected. Prepare a cash receipts schedule for Power Ridge Corporation covering the fourth quarter (October through December) Power ridge corporation Cash Receipt Schedule September october Sales Collections of...
9. Alfa's manufactures a ceramic tile. The expected pattern of sales for the next year (20X8)...
9. Alfa's manufactures a ceramic tile. The expected pattern of sales for the next year (20X8) is as follows: Quarter Ist 2nd 3rd 4th Year Sales in 1.500 5.500 7.500 3.500 18.000 units Each title sells for € 15. All sales are on account, and Alfa's experience with cash collections is that 60% of each quarter sales are collected during the same quarter as the sale. The remaining 40% of sales is collected in the quarter after the sale Sales...
14. Jackson Company has developed the following sales projections for the calendar year: May $ 100,000...
14. Jackson Company has developed the following sales projections for the calendar year: May $ 100,000 June 120,000 July 140,000 August 160,000 September 150,000 October 130,000 Normal cash collection experience has been that 50% of sales is collected during the month of sale and 45% in the month following the sale. The remaining 5% of sales are never collected. Jackson's budgeted cash collections for the third calendar quarter are: (CMA adapted)
The marketing department of Graber Corporation has submitted the following sales forecast for the upcoming fiscal...
The marketing department of Graber Corporation has submitted the following sales forecast for the upcoming fiscal year. Budgeted unit sales First Quarter 17,900 Second Quarter 16,900 Third Quarter 15,900 Fourth Quarter 16,900 The selling price of the company's product is $31.00 per unit. Management expects to collect 85% of sales in the quarter in which the sales are made and 10% in the following quarter, and 5% of sales are expected to be uncollectible. The beginning balance of accounts receivable,...
Academic Learning had prepared the following sales budget, schedule of budgeted cash receipts, and cash budget...
Academic Learning had prepared the following sales budget,
schedule of budgeted cash receipts, and cash budget for 2019:
Academic Learning
Sales Budget
For the Year Ended December 31, 2019
First
Second
Third
Fourth
Quarter
Quarter
Quarter
Quarter
Total
Budgeted tablets to be sold
550
350
1,600
500
3,000
Sales price per unit
$550
$550
$550
$550
$550
Total sales
$302,500
$192,500
$880,000
$275,000
$1,650,000
Schdule of Cash Receipts from Customers
First
Second
Third
Fourth
Quarter
Quarter
Quarter
Quarter
Total
Total...
Cash Receipts Budget and Accounts Receivable Aging Schedule Shalimar Company manufactures and sells industrial products. For next year, Shalimar has budgeted the following sales: Quarter 1 Quarter 2 Quarter 3 Quarter 4 $4,600,000 5,100,000 5,000,000 7,600,000 In Shalimar's experience, 10 percent of sales are paid in cash. Of the sales on account, 65 percent are collected in the quarter of sale, 25 percent are collected in the quarter following the sale, and 7 percent are collected in the second quarter...
Cash Receipts Budget and Accounts Receivable Aging Schedule Shalimar Company manufactures and sells industrial products. For next year, Shalimar has budgeted the following sales: Quarter 1 $4,740,000 Quarter 2 5,600,000 Quarter 3 3,730,000 Quarter 4 8,220,000 In Shalimar's experience, 10 percent of sales are paid in cash. Of the sales on account, 65 percent are collected in the quarter of sale, 25 percent are collected in the quarter following the sale, and 7 percent are collected in the second quarter...
Power Ridge Corporation has forecast credit sales for the fourth quarter of the year as follows: September $50,000 (actual) Fourth Quarter October 40,000 November 35,000 December 60,000 Experience has shown 20 percent of sales are collected in the month of sale, 70 percent are collected in the following month, and 10 percent are never collected. Prepare a cash receipts schedule for Power Ridge Corporation covering the fourth quarter (October through December). Power Ridge Corporation Cash Receipts Schedule September October November...
Power Ridge Corporation has forecast credit sales for the fourth quarter of the year as follows: September (actual Fourth Quarter October November December $58.000 53,000 78,000 Experience has shown 40 percent of sales are collected in the month of sale, 50 percent are collected in the following month, and percent are never collected. Prepare a cash receipts schedule for Power Ridge Corporation covering the fourth quarter (October through December) Power ridge corporation Cash Receipt Schedule September october Sales Collections of...
9. Alfa's manufactures a ceramic tile. The expected pattern of sales for the next year (20X8) is as follows: Quarter Ist 2nd 3rd 4th Year Sales in 1.500 5.500 7.500 3.500 18.000 units Each title sells for € 15. All sales are on account, and Alfa's experience with cash collections is that 60% of each quarter sales are collected during the same quarter as the sale. The remaining 40% of sales is collected in the quarter after the sale Sales...
The marketing department of Graber Corporation has submitted the following sales forecast for the upcoming fiscal year. Budgeted unit sales First Quarter 17,900 Second Quarter 16,900 Third Quarter 15,900 Fourth Quarter 16,900 The selling price of the company's product is $31.00 per unit. Management expects to collect 85% of sales in the quarter in which the sales are made and 10% in the following quarter, and 5% of sales are expected to be uncollectible. The beginning balance of accounts receivable,...
Academic Learning had prepared the following sales budget,
schedule of budgeted cash receipts, and cash budget for 2019:
Academic Learning
Sales Budget
For the Year Ended December 31, 2019
First
Second
Third
Fourth
Quarter
Quarter
Quarter
Quarter
Total
Budgeted tablets to be sold
550
350
1,600
500
3,000
Sales price per unit
$550
$550
$550
$550
$550
Total sales
$302,500
$192,500
$880,000
$275,000
$1,650,000
Schdule of Cash Receipts from Customers
First
Second
Third
Fourth
Quarter
Quarter
Quarter
Quarter
Total
Total...
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