In the coming year, Marigold, 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 $ 17.00 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: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Budgeted sales units 20,000 41,000 59,000 82,000 Prepare Marigold, Inc.'s cash receipts budget for the coming year. (Enter answers in necessary fields only. Leave other fields blank. Do not enter 0. Round "Budgeted sale price" and "Cash Receipts Budgets" answers to 2 decimal places, e.g. 52.75 and all other answers to 0 decimal places, e.g. 5,275.) Sales Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Annual Budgeted units sold 20,000 41000 59000 82000 202,000 Budgeted sales price $ 17 $ 17 $17 $ 17 $ 17 Budgeted sales revenue 340,000 697,000 1,003,000 1,394,000 3,434,000 Cash Receipts Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Bad Debts 1st quarter sales $221,000 $ enter a dollar amount $ enter a dollar amount $ enter a dollar amount $ enter a dollar amount 2nd quarter sales enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount 3rd quarter sales enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount 4th quarter sales enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount Totals $ enter a total amount $ enter a total amount $ enter a total amount $ enter a total amount $ enter a total amount Determine the Net Accounts Receivable at the end of the year. Net Accounts Receivable $ enter the net accounts receivable in dollars

In the coming year, Marigold, 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 $ 17.00 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: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Budgeted sales units 20,000 41,000 59,000 82,000 Prepare Marigold, Inc.'s cash receipts budget for the coming year. (Enter answers in necessary fields only. Leave other fields blank. Do not enter 0. Round "Budgeted sale price" and "Cash Receipts Budgets" answers to 2 decimal places, e.g. 52.75 and all other answers to 0 decimal places, e.g. 5,275.) Sales Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Annual Budgeted units sold 20,000 41000 59000 82000 202,000 Budgeted sales price $ 17 $ 17 $17 $ 17 $ 17 Budgeted sales revenue 340,000 697,000 1,003,000 1,394,000 3,434,000 Cash Receipts Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Bad Debts 1st quarter sales $221,000 $ enter a dollar amount $ enter a dollar amount $ enter a dollar amount $ enter a dollar amount 2nd quarter sales enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount 3rd quarter sales enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount 4th quarter sales enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount Totals $ enter a total amount $ enter a total amount $ enter a total amount $ enter a total amount $ enter a total amount Determine the Net Accounts Receivable at the end of the year. Net Accounts Receivable $ enter the net accounts receivable in dollars

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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Related questions

Question

			1st Quarter		2nd Quarter		3rd Quarter		4th Quarter
	Budgeted sales units		20,000		41,000		59,000		82,000

Prepare Marigold, Inc.'s cash receipts budget for the coming year. (Enter answers in necessary fields only. Leave other fields blank. Do not enter 0. Round "Budgeted sale price" and "Cash Receipts Budgets" answers to 2 decimal places, e.g. 52.75 and all other answers to 0 decimal places, e.g. 5,275.)

Sales Budget
	1st Quarter	2nd Quarter	3rd Quarter	4th Quarter	Annual
Budgeted units sold	20,000	41000	59000	82000	202,000
Budgeted sales price	$ 17	$ 17	$17	$ 17	$ 17
Budgeted sales revenue	340,000	697,000	1,003,000	1,394,000	3,434,000

Cash Receipts Budget
	1st Quarter	2nd Quarter	3rd Quarter	4th Quarter	Bad Debts
1st quarter sales	$221,000	$ enter a dollar amount	$ enter a dollar amount	$ enter a dollar amount	$ enter a dollar amount
2nd quarter sales	enter a dollar amount	enter a dollar amount	enter a dollar amount	enter a dollar amount	enter a dollar amount
3rd quarter sales	enter a dollar amount	enter a dollar amount	enter a dollar amount	enter a dollar amount	enter a dollar amount
4th quarter sales	enter a dollar amount	enter a dollar amount	enter a dollar amount	enter a dollar amount	enter a dollar amount
Totals	$ enter a total amount	$ enter a total amount	$ enter a total amount	$ enter a total amount	$ enter a total amount