Cash sales, 30% Credit sales, 70% Total sales > Show Transcribed Text $ CA $ March 31 Quarter Ended June 30 September 30 52,500 $ 37,500 $ 87,500 125,000 $ C 122,500 175,000 $ C 45,000 $ 105,000 150,000 $ Nine-Month Total 135,000 315.000 450,000 In the past, cost of goods sold has been 40% of total sales. The director of marketing and the financial vice president agree that each quarter's ending inventory should not be below $35,000 plus 10% of cost of goods sold for the following quarter. The marketing director expects sales of $225,000 during the fourth quarter. The January 1 inventory was $15,000.
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- Echo Amplifiers prepared the following sales budget for the first quarter of 2018: It also has this additional information related to its expenses: Prepare a sales and administrative expense budget for each month in the quarter ending March 31, 2018.Roman Inc. has the following totals from its operating budgets: Prepare a budgeted income statement for the year ended December 31, 2016, assuming that income from operations is taxed at a rate of 30%.All Temps has a policy of always paying within the discount period, and each of its suppliers provides a discount of 2% if paid within 10 days of purchase. Because of the purchase policy, 80% of its payments are made in the month of purchase and 20% are made the following month. The direct materials budget provides for purchases of $23,812 in February, $23,127 in March, $21,836 in April, and $28,173 in May.What is the balance in accounts payable for April 30, and May 31?
- Shalimar Company manufactures and sells industrial products. For next year, Shalimar has budgeted the follow sales: In Shalimars 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 4,900,000 and for the fourth quarter of the current year are 6,850,000. 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. 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. 3. What if the recession led Shalimars 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.Palmgren Company produces consumer products. The sales budget for four months of the year is presented below. Company policy requires that ending inventories for each month be 25 percent of next months sales. At the beginning of July, the beginning inventory of consumer products met that policy. Required: Prepare a production budget for the third quarter of the year. Show the number of units that should be produced each month as well as for the quarter in total.Sports Socks has a policy of always paying within the discount period and each of its suppliers provides a discount of 2% if paid within 10 days of purchase. Because of the purchase policy, 85% of its payments are made in the month of purchase and 15% are made the following month. The direct materials budget provides for purchases of $129,582 in November, $294,872 in December, $239,582 in January, and $234,837 in February. What is the balance in accounts payable for January 31, and February 28?
- Pilsner Inc. purchases raw materials on account for use in production. The direct materials purchases budget shows the following expected purchases on account: Pilsner typically pays 25% on account in the month of billing and 75% the next month. Required: 1. How much cash is required for payments on account in May? 2. How much cash is expected for payments on account in June?Swenson, Inc. sells tire rims. Its sales budget for the nine months ended September 30, 2024, and additional information follow: (Click the icon to view the budget) i (Click the icon to view additional information.) Prepare an inventory, purchases, and cost of goods sold budget for each of the first three quarters of the year. Compute cost of goods sold for the entire nine-month period More info Swenson, Inc. Inventory, Purchases, and Cost of Goods Sold Budget Nine Months Ended September 30, 2024 - X In the past, cost of goods sold has been 40% of total sales. The director of marketing and the financial vice president agree that each quarter's ending inventory should not be below $8,000 plus 10% of cost of goods sold for the following quarter. The marketing director expects sales of $245,000 during the fourth quarter. The January 1 inventory was $35,000. Print Done *** Data table Cash sales, 20% Credit sales, 80% Total sales $ S March 31 29,000 $ 116,000 145,000 $ Print A Quarter Ended…Scannell, Inc. sells tire rims. Its sales budget for the nine months ended September 30, 2024, and additional information follow: (Click the icon to view the budget.) (Click the icon to view additional information.) Prepare an inventory, purchases, and cost of goods sold budget for each of the first three quarters of the year. Compute cost of goods sold for the entire nine-month period. Plus: Less: More info Scannell, Inc. Inventory, Purchases, and Cost of Goods Sold Budget Nine Months Ended September 30, 2024 Quarter Ended March 31 In the past, cost of goods sold has been 40% of total sales. The director of marketing and the financial vice president agree that each quarter's ending inventory should not be below $15,000 plus 10% of cost of goods sold for the following quarter. The marketing director expects sales of $200,000 during the fourth quarter. The January 1 inv ory was $19,000. Print Done X Data table Cash sales, 30% Credit sales, 70% Total sales $ $ Quarter Ended June 30…
- Sullivan, Inc. sells tire rims. Its sales budget for the nine months ended September 30, 2024, and additional information follow: (Click the icon to view the budget.) (Click the icon to view additional information.) Prepare an inventory, purchases, and cost of goods sold budget for each of the first three quarters of the year. Compute cost of goods sold for the entire nine-month period. Data table Cash sales, 20% Credit sales, 80% Total sales $ $ March 31 Quarter Ended June 30 September 30 37,000 $ 27,000 $ 108,000 135,000 $ Print 148,000 185,000 $ Done 32,000 $ 128,000 160,000 $ Nine-Month Total - 96,000 384,000 480,000 More info In the past, cost of goods sold has been 40% of total sales. The director of marketing and the financial vice president agree that each quarter's ending inventory should not be below $20,000 plus 10% of cost of goods sold for the following quarter. The marketing director expects sales of $235,000 during the fourth quarter. The January 1 inventory was $32,000.…CBH Company sells bicycles that they buy from various manufacturers. They are in the process of preparing a Master Budget including the Sales Budget, The Purchasing Budget, the Cash Budget, and the Income Statement for 2021. The yearly budget is broken into quarters. The year-end is December 31st. Additional Details: The average estimated selling price per electric bike is $450. There are $2040 bicycles in Bike Inventory at the end of 2020 with a value of $380,000. At the end of each quarter, CBH Company wishes to have 85% of next quarters estimated sales units in Bike Inventory. At the end of 2021 assume 2000 bikes are required in the ending inventory. For each quarter, it is estimated that 75% of sales will be cash and 25% will be credit sales. Of the credit sales, 80% pay in a quarter of the sale and 20% pay in the following quarter. Credit sales from part4 were $430000 Assume operating expenses occur evenly throughout the year and are all paid in cash For each quarter, 70% of…CBH Company sells bicycles that they buy from various manufacturers. They are in the process of preparing a Master Budget including the Sales Budget, The Purchasing Budget, the Cash Budget, and the Income Statement for 2021. The yearly budget is broken into quarters. The year-end is December 31st. Additional Details: The average estimated selling price per electric bike is $450. There are $2040 bicycles in Bike Inventory at the end of 2020 with a value of $380,000. At the end of each quarter, CBH Company wishes to have 85% of next quarters estimated sales units in Bike Inventory. At the end of 2021 assume 2000 bikes are required in the ending inventory. For each quarter, it is estimated that 75% of sales will be cash and 25% will be credit sales. Of the credit sales, 80% pay in a quarter of the sale and 20% pay in the following quarter. Credit sales from part4 were $430000 Assume operating expenses occur evenly throughout the year and are all paid in cash For each quarter, 70% of…