Show in excel format - 9. The sales for Re - Works Inc., a company that fabricates iron fencing from recycled metals, are all on account. For the first three months of the year, Re - Works management expects the following sales: A table shows Re - Works Inc's sales for January ($120,000), February ($130,000) and March ($140,000). Based on past collection patterns, management expects the following: A table shows Re - Works Inc's collection patterns in the month of February showing month of sale (10%), month after sale (50%), and the remainder - second month after sale (40%). Also, based on past experience, management forecasts that 5 percent of accounts receivable will be uncollectible and will eventually be written off. What are the expected cash receipts for March? 10. With the same sales forecasts as in question 9, Re - Works Inc. management would like to implement some changes to credit policy and credit terms that they believe would change the collection pattern going forward and would lower the uncollectible accounts prediction to 3 percent. What would be the expected cash receipts for March? A table shows Re-Works Inc's collection patterns in the month of February. The month of sale is 15%, month after sale is 55 %, the remainder is 30%, and bad debt expense is 3%.

All sales are made on credit terms of net 30 days and are collected the following month and no bad debts are anticipated. The accounts receivable on the balance sheet at the end of September thus will be collected in October. The October sales will be collected in November, and so on. Inventory on hand represents a minimum operating level (or “safety” stock), which the company intends to maintain. Cost of goods sold average 80 percent of sales. Inventory is purchased in the month of sale and paid for in cash. Other cash expenses average 7 percent of sales. Depreciation is $10,000 per month. Assume taxes are paid monthly and the effective income tax rate is 40 percent for planning purposes.  The annual interest rate on outstanding long-term debt and bank loans (notes payable) is 12%. There are no capital expenditures planned during the period, and no dividends will be paid. The company’s desired end-of-month cash balance is $80,000. The president hopes to meet any cash shortages during…

Beckett Manufacturing produces self-watering planters for use in upscale retail establishments. Sales projections for the first five months of the upcoming year show the estimated unit sales of the planters each month to be as follows: (Click the icon to view additional information.) Inventory at the start of the year was 850 planters. The desired inventory of planters at the end of each month should be equal to 25% of the following month's budgeted sales. Each planter requires four pounds of polypropylene (a type of plastic). The company wants to have 20% of the polypropylene required for next month's production on hand at the end of each month. The polypropylene costs $0.10 per pound. Read the requirements. Data table For the Months of January through March January February March Quarter Number of planters to be sold Units to be produced 3,425 3,400 3,525 10,350 January. 3,400 4 Multiply by: Quantity of direct materials needed per unit Quantity needed for production February 3,500…

Walton Pointers Corporation expects to begin operations on January 1, year 1; it will operate as a specialty sales company that sells laser pointers over the Internet Walton expects sales in January year 1 to total $260,000 and to Increase 15 percent per month in February and March All sales are on account. Walton expects to collect 67 percen of accounts receivable in the month of sale, 21 percent in the month following the sale, and 12 percent in the second month following the sole Required a. Prepare a sales budget for the first quarter of year 1 b. Determine the amount of sales revenue Walton will report on the year 1 first quarterly pro forma Income statement. c. Prepare a cash receipts schedule for the first quarter of year 1 d. Determine the amount of accounts receivable as of March 31, your 1 Complete this question by entering your answers In Use tabs below. Required A Required B Required C Required D Prepare a cash receipts schedule for the first quarter of year (out road…