Prepare a Sales Budget for all four months, showing breakdown between cash and credit sales Sales Budget Total sales Cash sales Collection of credit sales: Craig's Design and Landscaping Sales Budget May April Prepare the Cash Budget for June and July. Round all answers to nearest dollar Cash Collections Budget Total cash collections Total collection of credit sales June Craig's Design and Landscaping Budgeted Cash Collections from Customers June Area to show work for collection of credit sales: (optional) July July What does the 2% of credit sales not collected represent? Should this be of concern for Craig?

Prepare a Sales Budget for all four months, showing breakdown between cash and credit sales Sales Budget Total sales Cash sales Collection of credit sales: Craig's Design and Landscaping Sales Budget May April Prepare the Cash Budget for June and July. Round all answers to nearest dollar Cash Collections Budget Total cash collections Total collection of credit sales June Craig's Design and Landscaping Budgeted Cash Collections from Customers June Area to show work for collection of credit sales: (optional) July July What does the 2% of credit sales not collected represent? Should this be of concern for Craig?

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter22: Budgeting

Section: Chapter Questions

Problem 2PA: Sales, production, direct materials purchases, and direct labor cost budgets The budget director of...

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Sales, production, direct materials purchases, and direct labor cost budgets The budget director of Gourmet Grill Company requests estimates of sales, production, and other operating data from the various administrative units every month. Selected information concerning sales and production for July is summarized as follows: Estimated sales for July by sales territory: Estimated inventories at July 1: Desired inventories at July 31: Direct materials used in production: Anticipated purchase price for direct materials: Direct labor requirements: Instructions Prepare a sales budget for July. Prepare a production budget for July. Prepare a direct materials purchases budget for July. Prepare a direct labor cost budget for July.
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Required 1. Prepare a cash receipts budget schedule for each of the first three months (July – September), including the total receipts per month 2. Prepare a material purchases budget schedule for each of the first three months (July – September), including the total purchases per month 3. Prepare a cash budget for the month of July. Include the owners’ cash contributions
Cash Budget Janet Wooster owns a retail store that sells new and used sporting equipment. Janet has requested a cash budget for October. After examining the records of the company, you find the following: a. Cash balance on October 1 is $1,120. b. Actual sales for August and September are as follows: August September Cash sales $6,000 $4,500 Credit sales 58,000 62,000 Total sales $64,000 $66,500 c. Credit sales are collected over a three-month period: 40 percent in the month of sale, 36 percent in the next month, and 22 percent in the second month after the sale. The remaining sales are uncollectible. d. Inventory purchases average 70 percent of a month's total sales. Of those purchases, 45 percent are paid for in the month of purchase. The remaining 55 percent are paid for in the following e. Salaries and wages total $3,850 per month. f. Rent is $3,150 per month. g. Taxes to be paid in October are $1,635. h. Janet usually withdraws $3,500 each month as her salary. i. Advertising is…
Prepare schedules for (1) expected collections from customers and (2) expected payments for direct materials purchases for January and February. Prepare a cash budget for January and February in columnar form. please dont provide answer in an image format thnku
Flounder, Inc. has budgeted sales revenues as follows: Credit sales Cash sales Total sales June July August (a) Past experience indicates that 60% of the credit sales will be collected in the month of sale and the remaining 40% will be collected in the following month. Purchases of inventory are all on account with 50% is paid in the month of purchase and 50% paid in the month following purchase. Budgeted inventory purchases are as follows: Credit sales June July July August $139,000 $129,000 $ 95.000 August June Other cash disbursements budgeted: (a) selling and administrative expenses of $51,000 each month, (b) dividends of $105,000 will be paid in July, and (c) purchase of equipment in August for $34,000 cash. The company's policy is to maintain a minimum cash balance of $50,000 at the end of each month. The company borrows money from the bank at 6% interest if necessary to maintain the minimum cash balance. Borrowed money is repaid in months when there is an excess cash balance.…
Calculate the cash receipts $ for the month of September. Calculate the material purchase $ for the appropriate months. Calculate the accounts payable payments for the month September. Calculate the accounts payable balance on the Balance Sheet for the month September. Prepare a cash budget for the month of September.
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Required: Prepare a master budget for the three-month period ending June 30. Include the following detailed schedules: 1. a. A sales budget, by month and in total. b. A schedule of expected cash collections, by month and in total. c. A merchandise purchases budget in units and in dollars. Show the budget by month and in total. d. A schedule of expected cash disbursements for merchandise purchases, by month and in total. 2. A cash budget. Show the budget by month and in total. Determine any borrowing that would be needed to maintain the minimum cash balance of $55,000. 3. A budgeted income statement for the three-month period ending June 30. Use the contribution approach. 4. A budgeted balance sheet as of June 30.
owa Imaging Center provided the financial information in Exhibit 5.15 below. Prepare a cash budget for the quarter ending March 20X1. For Blackboard you will enter your ENDING cash balance for the months of January 20X1, February 20X1, March 20X1, and the Quarter ending March 20X1. I want you to submit your work for this problem by email so I can review the entire document. Exhibit 5-15 Iowa Imaging Center Givens Revenues and Expenses Patient Revenues, 20X0 Estimated Patient Revenues, 20X1 Given 1 October $4,000,000 Given 2 January $4,300,000 November $4,200,000 February $4,350,000 December $4,300,000 March $4,400,000 Other Revenues, 20X1 Estimated Cash Outflows, 20X1a Given 3 January $90,000 Given 4 January $4,250,000…
Prepare a cash budget for January and February in columnar form. Please answer in detail with all working please answer in text not image