1-6 ch 8 NEED FULL ANWSERS

ces Exercise 8-1 (Algo) Schedule of Expected Cash Collections [LO8-2] 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 $ 300,000 Budgeted sales (all on account) From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 20% are collected in the second month following sale Bad debts are negligible and can be ignored. February sales totaled $310,000, and March sales totaled $340,000 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. February sales March sales April sales May sales June sales Total cash collections $ 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 April May 0 $ May June $ 580,000 $ 200,000 05 Required s June $ 0$ Total 0 0 Total $ 1,160,000 0 0 0 0 Required 2 > 3 Graded Homework Exercise 8-1 (Algo) Schedule of Expected Cash Collections [LO8-2] 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 $ 380,000 Required 1 Budgeted sales (all on account) From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 20% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $310,000, and March sales totaled $340,000. 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 2 May June $ 580,000 $ 200,000 What is the accounts receivable balance on June 30th? Total accounts receivable at June 30 Year Exercise 8-7 (Algo) Cash Budget [LO8-8] Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of its budgeted cash flows: Total cash receipts Total cash disbursements 1st Quarter $ 280,000 $ 330,000 Beginning cash balance. Total cash receipts Total cash available Total cash disbursements Excess (deficiency) of cash available over disbursements Financing: Borrowings Repayments Interest 2nd Quarter $ 430,000 $ 300,000 The company's beginning cash balance for the upcoming fiscal year will be $40,000. The company requires a minimum cash balance of $10,000 and may borrow any amount needed from a local bank at a quarterly interest rate of 3%. The company may borrow any amount at the beginning of any quarter and may repay its loans, or any part of its loans, at the end of any quarter. Interest payments are due on any principal at the time it is repald. For simplicity, assume that interest is not compounded. Total financing Ending cash balance Required: Prepare the company's cash budget for the upcoming fiscal year. (Repayments and Interest should be indicated by a minus sign.) Garden Depot Cash Budget 1st Quarter $ 0 3rd Quarter $ 310,000 $ 290,000 0 0 0 2nd Quarter S 0 0 0 4th Quarter $ 330,000 $ 310,000 0 3rd Quarter S 0 0 0 0 4th Quarter S 0 0 0 0 Year es Exercise 8-8 (Algo) Budgeted Income Statement [LO8-9] Gig Harbor Boating is the wholesale distributor of a small recreational catamaran sailboat. Management has prepared the following summary data to use in its annual budgeting process: Budgeted unit sales. Selling price per unit Cost per unit Variable selling and administrative expense (per unit) Fixed selling and administrative expense (per year) Interest expense for the year Required: Prepare the company's budgeted income statement for the year. Gig Harbor Boating Budgeted Income Statement 700 $ 2,078 $ 1,605 $ 60 $ 200,000 $ 23,000