Assume that a company provided the following information and assumptions from its master budget: Sales budget: Unit sales in June, July, and August are 20,000, 18,000, and 17,000, respectively. The selling price per unit is $80. All sales are on account. 20% of sales are collected in the month of sale and 80% are collected in the next month. What are the budgeted sales for July? Multiple Choice $1,440,000 $1,600,000 $288,000 $1,152,000
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Assume that a company provided the following information and assumptions from its
What are the budgeted sales for July?
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- ro forma income statement. Given the income statement , for California Cement Company for 2013 and an expected sales growth rate of 6.67% for 2014, prepare a pro forma income statement for 2014. First, find the percentage of each income statement line from 2013 as a percent of sales. (Round to three decimal places.) California Cement Company Income Statement for 2013 Sales revenue $ 22,869,000 Cost of goods sold $ -11,637,000 Selling, general, and administrative expenses $ -3,993,000 Depreciation expenses $ -1,331,000 EBIT $ 5,908,000 Interest expense $ -175,000 Taxable income $ 5,733,000 Taxes $ -2,512,462 Net income $ 3,220,538 What is the sales forecast for 2014? (Round to the nearest dollar.) The pro forma income statement for 2014 is: (Round to the nearest dollar.) California Cement Company Pro Forma Income Statement for 2014 Sales revenue $ ? 100.00% Cost of goods sold $ ? 50.885 %…Budgeting for a Merchandising Firm Goldberg Company is a retail sporting goods store thatuses an accrual accounting system. Facts regarding its operations follow:∙ Sales are budgeted at $250,000 for December and $225,000 for January, terms 1/eom, n/60.∙ Collections are expected to be 50% in the month of sale and 48% in the month following the sale.Two percent of sales are expected to be uncollectible and recorded in an allowance account at theend of the month of sale. Bad debts expense is included as part of operating expenses.∙ Gross margin is 30% of gross sales.∙ All accounts receivable are from credit sales. Bad debts are written off against the allowanceaccount at the end of the month following the month of sale.∙ Goldberg desires to have 80% of the merchandise for the following month’s sales on hand at the endof each month. Payment for merchandise is made in the month following the month of purchase.∙ Other monthly operating expenses to be paid in cash total $25,000.∙ Annual…Budgeting for a Merchandising Firm Goldberg Company is a retail sporting goods store thatuses an accrual accounting system. Facts regarding its operations follow:∙ Sales are budgeted at $250,000 for December and $225,000 for January, terms 1/eom, n/60.∙ Collections are expected to be 50% in the month of sale and 48% in the month following the sale.Two percent of sales are expected to be uncollectible and recorded in an allowance account at theend of the month of sale. Bad debts expense is included as part of operating expenses.∙ Gross margin is 30% of gross sales.∙ All accounts receivable are from credit sales. Bad debts are written off against the allowanceaccount at the end of the month following the month of sale.∙ Goldberg desires to have 80% of the merchandise for the following month’s sales on hand at the endof each month. Payment for merchandise is made in the month following the month of purchase.∙ Other monthly operating expenses to be paid in cash total $25,000.∙ Annual…
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