Problem 1:ABC Corporation is preparing its sales and receivable budget for the year 2022. Details are as follows:• The sales during the 4" quarter of 2021 is 30,000 units and the selling price per unit is Ps00 per unit. Units to be sold isforecasted to increase by 5% per quarter while the sales price for 2022 will be 2% higher than the previous PS00 per unit.• Of the sales per quarter, S5% are cash sales while the remaining credit sales. The credit sales are expected to be settled asfollows: 5/9 will be collected during month of sales, 3/9 will be collected the month after month of sales, and the remainingwill be written off two months after month of sale.The forecasted receivable balance on Jan. 1, 2022 is P3,500,000, 90% of which is expected to be collected during the firstquarter while the remaining will be written off during the second quarter of 2022.Required:1" Quarter2nd Quarter3 Quarter4th QuarterSales1.2.3.4.Receivable balance as of the end of5.6.7.8.Cash collections9.10.11.12.Supporting Tables:A. Sale Budget (Notes: Round off the units to whole numbers.)1 Quarter2nd Quarter3rd Quarter4th QuarterAAAASales PriceMultiplied by: Units to be soldBDESalesF/1.G/2.H/3.1/4.8. Sales CompositionPercent1" Quarter2nd Quarter3r Quarter4th QuarterCash Sales JLNPRCreditKMSalesTotal Sales100% FGC. Collection from Credit Sales/Accounts ReceivableCollections during:Write-offs forTotal1" Quarter2nd Quarter3rd Quarter4t Quarterthe yearReceivablesFrom BeginningVReceivablesFrom credit salesmade in:- 1" Quarter- 2d Quarter- 3° QuarterYMAAАВACAD- 4 QuarterAESTotalsAFAGАНAlAJAK

Sales Budget Q1 Q2 Q3 Q4 Sales Price =500*1.02 510 510 510 510 Multiply: Units…

Required: 1" Quarter 2 Quarter 3 Quarter 4 Quarter Sales 1. 2. 3. 4. Receivable balance as of the end of Cash collections Supporting Tables: A. Sale Budget (Notes: Round off the units to whole numbers.) 5. 6. 7. 8. 9. 10. 11. 12. 1" Quarter 2 Quarter 3d Quarter 4 Quarter Sales Price A A A A Multiplied by: Units to be sold B Sales F/1. G/2. H/3. 1/4. 8. Sales Composition Percent 1" Quarter 2 Quarter 3" Quarter 4 Quarter Cash Sales N P R Credit K M Sales 100% F Total Sales G H c. Collection from Credit Sales/Accounts Receivable Collections during: 2nd Quarter Write-offs for Total 1" Quarter 3* Quarter Quarter the year Receivables T From Beginning Receivables From credit sales made in: 1" Quarter -2 Quarter M AA AB -3 Quarter AC AD -4 Quarter AE Totals AF AG AH Al AJ AK

Required: 1" Quarter 2 Quarter 3 Quarter 4 Quarter Sales 1. 2. 3. 4. Receivable balance as of the end of Cash collections Supporting Tables: A. Sale Budget (Notes: Round off the units to whole numbers.) 5. 6. 7. 8. 9. 10. 11. 12. 1" Quarter 2 Quarter 3d Quarter 4 Quarter Sales Price A A A A Multiplied by: Units to be sold B Sales F/1. G/2. H/3. 1/4. 8. Sales Composition Percent 1" Quarter 2 Quarter 3" Quarter 4 Quarter Cash Sales N P R Credit K M Sales 100% F Total Sales G H c. Collection from Credit Sales/Accounts Receivable Collections during: 2nd Quarter Write-offs for Total 1" Quarter 3* Quarter Quarter the year Receivables T From Beginning Receivables From credit sales made in: 1" Quarter -2 Quarter M AA AB -3 Quarter AC AD -4 Quarter AE Totals AF AG AH Al AJ AK

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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