I have watched the online tutor for these three problems, the formula that I am using does not appear to have the right answers. Is there any set formula that I will be better understand this part of the lesson?

1. Cash Budget Aragon and Associates has found from past experience that 25% of its services are for cash. The remaining 75% are on credit. An aging schedule for accounts receivable reveals the following pattern: a. Ten percent of fees on credit are paid in the month that service is rendered. b. Sixty percent of fees on credit are paid in the month following service. c. Twenty-six percent of fees on credit are paid in the second month following service. d. Four percent of fees on credit are never collected. Fees (on credit) that have not been paid until the second month following performance of the legal service are considered overdue and are subject to a 3% late charge. Aragon has developed the following forecast of fees: May $180,000 June 200,000 July 190,000 August 194,000 September 240,000 Required: Prepare a schedule of cash receipts for August and September. If an amount box does not require an entry, leave it blank or enter "0". Round answers to the nearest dollar. Aragon and Associates Schedule of Cash Receipts For August and September August September $ $ Cash fees Received from sales in: June July August September $ Total $ Check My Work Preparing a Production Budget Patrick Inc. makes industrial solvents. In the first four months of the coming year, Patrick expects the following unit sales: January 41,000 February 38,000 March 50,000 April 51,000 Patrick's policy is to have 20% of next month's sales in ending inventory. On January 1, it is expected that there will be 4,400 drums of solvent on hand. Required: Prepare a production budget for the first quarter of the year. Show the number of drums that should be produced each month as well as for the quarter in total. If required, round your answers to the nearest whole unit. Patrick Inc. Production Budget For the Coming Quarter January Sales Desired ending inventory Total needs Less: Beginning inventory Units to be produced February March 1st Quarter Total Preparing a Budgeted Income Statement Oliver Company provided the following information for the coming year: Units produced and sold Cost of goods sold per unit Selling price 160,000 $6.30 $14 Variable selling and administrative expenses per unit Fixed selling and administrative expenses Tax rate $1.10 $423,000 23 % Required: Prepare a budgeted income statement for Oliver Company for the coming year. Round all income statement amounts to the nearest dollar. Sales Oliver Company Budgeted Income Statement For the Coming Year $ Cost of goods sold Gross margin $ Less: Variable selling and administrative expenses Less: Fixed selling and administrative expenses Operating income $ Less: Income taxes Net income $