Silver Company makes a product with peak sales in May of each year. Its sales budget for the second quarter is given below: Budgeted sales (all on account) April $ 400,000 May $ 600,000 June $ 190,000 Total $ 1,190,000 The company estimates 30% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 10% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $330,000, and March sales totaled $360,000. Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. 2. What is the accounts receivable balance on June 30th? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. Schedule of Expected Cash Collections February sales March sales April sales May sales June sales Total cash collections April May June Total

Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below: Budgeted sales (all on account) April May June Total $ 360,000 $ 560,000 $ 220,000 $ 1,140,000 From past experience, the company has learned that 30% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 10% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $290,000, and March sales totaled $320,000. Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. 2. What is the accounts receivable balance on June 30th? > Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a schedule of expected cash collections from sales, by month…

Apollo Corporation produces and sells a single product, sewing machines, for $100 per unit. Budgeted sales for the next three months are given below:     Unit Sales June 76,000 July 80,000 August 85,000   All sales are on credit and are collected in the following pattern: 30% in the month of sales and the remaining 70% in the month following the sale.   1. What is the amount of sales revenue reported on the company’s budgeted income statement for July? multiple choice 1 a)$8,000,000 b)$7,600,000 c)$8,500,000 d)$7,720,000     2. Past experience has shown that end-of-month inventory levels must equal 20% of the following month’s unit sales. How many units are required to be produced in July? multiple choice 2 a)82,400 units b)81,000 units c)86,400 units d)80,000 units 3. In July, how much cash the company can collect from sales? multiple choice 3 a)$7,600,000 b)$8,000,000 c)$8,680,000 d)$7,720,000 4. In the company’s balance sheet dated…

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Silver Company makes a product that is very popular as a Mother’s Day gift. Thus, peak sales occur in May of each year, as shown in the company’s sales budget for the second quarter given below:     April May June Total Budgeted sales (all on account) $300,000 $500,000 $200,000 $1,000,000     From past experience, the company has learned that 20% of a month’s sales are collected in the month of sale, another 70% are collected in the month following sale, and the remaining 10% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $230,000, and March sales totaled $260,000.   Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. 2. What is the accounts receivable balance on June 30th?

Majan company has budgeted sales in units for the next five months as follows: June 5,400 units July 6,500 units August 7,000 units September 8,200 units October 4,800 units Past experience has shown that the ending inventory for each month should be equal to 10% of the next month's sales in units. The inventory on May 31 is 400 units. The company needs to prepare a Production Budget for the next five months. The total number of units to be produced in August is a. 7,120 units b. 7,420 units c. 7,170 units d. 8,520 units W P

Sherman has budgeted sales for the upcoming quarter as follows: April: 1, 600 units May: 1,900 units June: 1,750 units The desired ending finished goods inventory for each month is one - half of next month's budgeted sales. Three pounds of direct material are required for each unit produced. If direct material costs $5 per pound, and must be paid for in the month of purchase, the budgeted direct materials purchases (in dollars) for May are: Group of answer choices $1,975 $9, 875 $27, 750 $13, 875

Walker Company prepares monthly budgets. Company policy is to end each month with merchandise inventory equal to 15% of budgeted unit sales for the following month. Budgeted sales and merchandise purchases for the next three months follow. Beginning inventory on July 1 is 27,000 units. The company budgets sales of 200,000 units in October. The merchandise cost per unit is $2. Budgeted sales units. Units to purchase July 180,000 200,250 August 315,000 308,250 September 270,000 259,500 Prepare the merchandise purchases budgets for the months of July, August, and September. WALKER COMPANY Merchandise Purchases Budget July August September Next period budgeted sales units Ratio of inventory to future sales 0 0 0 Total required units Units to purchase Cost per unit Cost of merchandise purchases

Our company provides the following sales forecast for the next three months: Sales units The company wants to end each month with ending finished goods inventory equal to 10% of the next month's sales. Finished goods inventory on December 31 is 300 units. The budgeted production units for January are: O 3,000 units. O 3,420 units. O 3,720 units. O 3,120 units. January February March 3,000 4,200 5,000 O2,880 units.   please answer do not image .