X-Tel budgets sales of $60,000 for April, $100,000 for May, and $80,000 for June. In addition, sales are 40% cash and 60% on credit. All credit sales are collected in the month following the sale. The April 1 balance in accounts receivable is $15,000. Prepare a schedule of budgeted cash receipts for April, May, and June.
Answer to relevant QuestionsX-Tel budgets sales of $60,000 for April, $100,000 for May, and $80,000 for June. In addition, sales commissions are 10% of sales dollars and the company pays a sales manager a salary of $6,000 per month. Sales commissions ...Forrest Company manufactures phone chargers and has a JIT policy that ending inventory must equal 10% of the next month’s sales. It estimates that October’s actual ending inventory will consist of 40,000 units. November ...Refer to Exercise 22-8. For April, May, and June, prepare (1) A direct labor budget (2) A factory overhead budget. In exercise Rad Co. provides the following sales forecast and production budget for the next four ...Mike’s Motors Corp. manufactures motors for dirt bikes. The company requires a minimum $30,000 cash balance at each month-end. If necessary, the company takes a loan to meet this requirement, at a cost of 2% interest per ...A1 Manufacturing is preparing its master budget for the quarter ended September 30, 2015. Budgeted sales and cash payments for product costs for the quarter follow. Sales are 20% cash and 80% on credit. All credit sales are ...
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