Shalimar Company manufactures and sells industrial products. For next year, Shalimar has budgeted the following sales: Quarter 1 $4,780,000 Quarter 2 5,280,000 Quarter 3 5,700,000 Quarter 4 8,420,000 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 after the sale. The remaining 3 percent are never collected. Total sales for the third quarter of the current year are $5,280,000 and for the fourth quarter of the current year are $7,620,000. Required: Question Content Area 1. Calculate cash sales and credit sales expected in the last two quarters of the current year, and in each quarter of next year. Quarter Cash Sales Credit Sales 3, current year $fill in the blank 43aa7d03501507c_1 $fill in the blank 43aa7d03501507c_2 4, current year fill in the blank 43aa7d03501507c_3 fill in the blank 43aa7d03501507c_4 1, next year fill in the blank 43aa7d03501507c_5 fill in the blank 43aa7d03501507c_6 2, next year fill in the blank 43aa7d03501507c_7 fill in the blank 43aa7d03501507c_8 3, next year fill in the blank 43aa7d03501507c_9 fill in the blank 43aa7d03501507c_10 4, next year fill in the blank 43aa7d03501507c_11 fill in the blank 43aa7d03501507c_12   Question Content Area 2. Construct a cash receipts budget for Shalimar Company for each quarter of the next year, showing the cash sales and the cash collections from credit sales. If an amount is zero, enter "0". Shalimar CompanyCash Receipts BudgetFor the Coming Year   Quarter 1 Quarter 2 Quarter 3 Quarter 4           Cash sales $fill in the blank b8459e013fab02d_1 $fill in the blank b8459e013fab02d_2 $fill in the blank b8459e013fab02d_3 $fill in the blank b8459e013fab02d_4 Received on account from:         Quarter 3, current year fill in the blank b8459e013fab02d_5       Quarter 4, current year fill in the blank b8459e013fab02d_6 fill in the blank b8459e013fab02d_7     Quarter 1, next year fill in the blank b8459e013fab02d_8 fill in the blank b8459e013fab02d_9 fill in the blank b8459e013fab02d_10   Quarter 2, next year   fill in the blank b8459e013fab02d_11 fill in the blank b8459e013fab02d_12 fill in the blank b8459e013fab02d_13 Quarter 3, next year     fill in the blank b8459e013fab02d_14 fill in the blank b8459e013fab02d_15 Quarter 4, next year fill in the blank b8459e013fab02d_16 fill in the blank b8459e013fab02d_17 fill in the blank b8459e013fab02d_18 fill in the blank b8459e013fab02d_19 Total cash receipts $fill in the blank b8459e013fab02d_20 $fill in the blank b8459e013fab02d_21 $fill in the blank b8459e013fab02d_22 $fill in the blank b8459e013fab02d_23   Question Content Area 3. What if the recession led Shalimar’s top management to assume that in the next year 10 percent of credit sales would never be collected? The expected payment percentages in the quarter of sale and the quarter after sale are assumed to be the same. How would that affect cash received in each quarter? Construct a revised cash budget using the new assumption. Shalimar CompanyCash Receipts BudgetFor the Coming Year   Quarter 1 Quarter 2 Quarter 3 Quarter 4           Cash sales $fill in the blank 1731b6fd300efa0_1 $fill in the blank 1731b6fd300efa0_2 $fill in the blank 1731b6fd300efa0_3 $fill in the blank 1731b6fd300efa0_4 Received on account from:         Quarter 4, current year fill in the blank 1731b6fd300efa0_5       Quarter 1, next year fill in the blank 1731b6fd300efa0_6 fill in the blank 1731b6fd300efa0_7     Quarter 2, next year   fill in the blank 1731b6fd300efa0_8 fill in the blank 1731b6fd300efa0_9   Quarter 3, next year     fill in the blank 1731b6fd300efa0_10 fill in the blank 1731b6fd300efa0_11 Quarter 4, next year       fill in the blank 1731b6fd300efa0_12 Total cash receipts $fill in the blank 1731b6fd300efa0_13 $fill in the blank 1731b6fd300efa0_14 $fill in the blank 1731b6fd300efa0_15 $fill in the blank 1731b6fd300efa0_16

Current Attempt in Progress Monty Company combines its operating expenses for budget purposes in a selling and administrative expense budget For the first quarter of 2022, the following data are developed L Sales: 21,500 units unit selling price 2 Variable costs per sales dollar Sales commissions Delivery expense 3 Advertising Fixed costs per quarter Sales salaries Office salaries Depreciation Insurance Utilities $30 Save for Later 6% 4% $24,400 19,500 5,000 2,100 1,000 Prepare a selling and administrative expense budget for the first quarter of 2022 (List variable costs before fixed costs) MONTYCOMPANY Selling and Administrative Expense Budget

Operating Budget, Comprehensive Analysis (5) The unit selling price of the wiring harness assembly is $110. In February, the company plans to purchase land for future expansion. The land costs $68,000. All sales and purchases are for cash. The cash balance on January 1 equals $62,900. The firm wants to have an ending cash balance of at least $25,000. If a cash shortage develops, sufficient cash is borrowed to cover the shortage and provide the desired ending balance. Any cash borrowed must be borrowed in $1,000 increments and is repaid the following month, as is the interest due. The interest rate is 12 percent per annum. Required: Prepare a monthly operating budget for the first quarter with the following schedules:

Question Content Area Cash Budget Khloe Company imports gift items from overseas and sells them to gift shops and department stores throughout the United States. Khloe Company provided the following information: The October 31 balance in the cash account is $53,940. All sales are on account. Sales in September were $1,030,000 and in October were $1,260,000. November sales are expected to be $2,175,000. In Khloe’s experience, 70 percent of sales are collected in the month of sale and 28 percent are collected in the month following sale. The remaining credit sales are uncollectible. Khloe purchases all merchandise on account. Purchases in September were $735,000 and in October were $950,000. November purchases are expected to be $2,030,000 as Khloe prepares for the Christmas buying season. Fifteen percent of purchases are paid in the month of purchase, while the remainder is paid in the month following the purchase month. Khloe Company has nine employees who are paid a total of $41,000…

Relevant data from the Poster Company’s operating budgets are:   Quarter 1 Quarter 2 Sales $208,470 $211,539 Direct material purchases 115,290 120,832 Direct labor 75,205 73,299 Manufacturing overhead 25,400 25,400 Selling and administrative expenses 33,400 33,400 Depreciation included in selling and administrative 1,400 1,100 Collections from customers 215,391 240,154 Cash payments for purchases 114,300 119,253 Additional data:Capital assets were sold in January for $9,000 and $4,600 in May.Dividends of $4,400 were paid in February. The beginning cash balance was $60,359 and a required minimum cash balance is $58,000. Use this information to prepare a cash budget for the first two quarters of the year: If an amount box does not require an entry, leave it blank. The Poster Company Cash Budget For the First Two Quarters   Quarter 1 Quarter 2 Beginning Cash Balance  $fill in the blank 2 $fill in the blank 3 Add: Cash Receipts     Collections from…

2. 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 $4,620,000 Quarter 2 5,610,000 Quarter 3 1,190,000 Quarter 4 7,840,000 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 after the sale. The remaining 3 percent are never collected. Total sales for the third quarter of the current year are $5,640,000 and for the fourth quarter of the current year are $7,320,000. Required: Question Content Area 1. Calculate cash sales and credit sales expected in the last two quarters of the current year, and in each quarter of next year. Quarter Cash Sales Credit Sales 3, current year $fill in the blank 0b62a1fb700f07d_1 $fill in the blank…

Question 10 View Policies Current Attempt in Progress The following credit sales are budgeted by Waterway Industries: t $174000 January 250000 February 390000 March 280000 April The company's past experience indicates that 70% of the accounts receivable are collected in the month of sale, 20% in the month following the sale, and 8% in the second month following the sale. The anticipated cash inflow for the month of April is O $336920. O $294000. O $280800. O $274000. hp holl 12 44 ins prt sc delete home & 6 7 backspace lock P C H K L nt

Cash Budget The controller of Stanley Yelnats Inc. asks you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: January February March Sales Manufacturing costs 42,000 $101,000 $121,000 $171,000 52,000 62,000 Selling and administrative expenses Capital expenditures 29,000 33,000 38,000 41,000 The company expects to sell about 15% of its merchandise for cash. Of sales on account, 65% are expected to be collected in full in the month following the sale and the remainder in the following month. Depreciation, Insurance, and property tax expense represent $8,000 of the estimated monthly manufacturing costs. The annual Insurance premium is paid in June, and the annual property taxes are paid in October. Of the remainder of the manufacturing costs, 80% are expected to be paid in the month in which they are incurred and the balance in the following month. All selling and administrative expenses are paid in the month incurred.…

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 $4,690,000 Quarter 2 5,410,000 Quarter 3 4,890,000 Quarter 4 7,920,000 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 after the sale. The remaining 3 percent are never collected. Total sales for the third quarter of the current year are $5,160,000 and for the fourth quarter of the current year are $7,430,000. Required: 1. Calculate cash sales and credit sales expected in the last two quarters of the current year, and in each quarter of next year. Quarter Cash Sales Credit Sales 3, current year $_______ $______ 4, current year ________ _______ 1, next year _______ _______ 2,…

QUESTION 1 Ginobili has forecast sales to be $120100 in February, $151200 in March, $162700 in April, and $174000 in May. 24% of sales are on made on credit, the rest are for cash. The sales on credit are collected 40% in the month of sale, and 60% the month following. What are the total budgeted cash receipts in April?