One of the products that the sporting - goods retail chain, Sports World, sells is parachutes. In
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One of the products that the sportinggoods retail chain, Sports World, sells is parachutes. In the first quarter of Sports World sold parachutes. Budgeted sales for the remainder of in units are: in Quarter in Quarter and in Quarter Sports World's selling price is $ per parachute. All Sports World's sales are credit sales. Sports World collects of its sales in the quarter in which it made the sale and the remaining in the following quarter. At the beginning of the second quarter, Sports World had parachutes in its merchandise inventory that it had purchased for $ each. Sports World's policy is to have of next quarter's sales in merchandise inventory in units at the beginning of each quarter. Sports World purchases its merchandise on credit, and it pays for percent of its purchases in the quarter following the purchase.
Please prepare the following budgets for Sports World parachute product line for the third quarter of
a Purchases of merchandise parachutes in dollars
b Cash collections receipts budget from sales of merchandise parachutes in dollars
c Cash payments disbursements budget for purchases of merchandise parachutes in dollars
Related Book For
Business Law Text and Cases
ISBN: 978-0324655223
11th Edition
Authors: Kenneth W. Clarkson, Roger LeRoy Miller, Gaylord A. Jentz, F
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