$\backslash$table$[[\backslash$table$[[$Nordic Company$],[$Balance Sheet$],[$March $31,2020]]],[$Assets$],[,$Cash,,,$],[,$Accounts Receivable,,,$$9,000],[,$Inventory,,,$$48,000],[,,,,$$$12,600],[,$Buildings $\backslash$table$[[\backslash$table$[[$Nordic Company$],[$Balance Sheet$],[$March $31,2020]]],[$Assets$],[,$Cash,,,$],[,$Accounts Receivable,,,$$9,000],[,$Inventory,,,$$48,000],[,,,,$$$12,600],[,$Buildings $\backslash$table$[[\backslash$table$[[$Nordic Company$],[$Balance Sheet$],[$March $31,2020]]],[$Assets$],[,$Cash,,,$],[,$Accounts Receivable,,,$$9,000],[,$Inventory,,,$$48,000],[,,,,$$$12,600],[,$Buildings $\backslash$table$[[\backslash$table$[[$Nordic Company$],[$Balance Sheet$],[$March $31,2020]]],[$Assets$],[,$Cash,,,$],[,$Accounts Receivable,,,$$9,000],[,$Inventory,,,$$48,000],[,,,,$$$12,600],[,$Buildings

Nordic Company

Balance Sheet

March $31,2020$

Assets

$\backslash$table$[[,$Cash,,$],[,$Accounts Receivable,,$$9,000],[,$Inventory,,$$48,000],[,$Buildings & equipment $($net$),,$$$12,600],[,,,$$$214,100],[,,$Total Assets,$$283,700],[$Liabilities & Owners' Equity$]]$

Liabilities

$\backslash$table$[[,$Accounts Payable,,$$18,300],[$Owners$\text{'}$ Equity$],[,$Capital Stock,,$$190,000],[,$Retained earnings,,$$75,400],[,,$Total liab. & Owners' equity,$$283,700]]$

Clue #$1-$ Sales Budget

The marketing department has estimated sales in units as follows:

$\backslash$table$[[$March $($actual$),12,000],[$April$,14,000],[$May$,17,000],[$June$,18,000],[$July$,10,000]]$

The selling price of each unit is $$5.$

What are the total sales budgeted for the second quarter?

A

View hint for Question $1$

Question $2(5$ points$)$

Clue #$2-$ Cash Collections Schedule

Sales are $20\%$ for cash and $80\%$ on credit.

All payments on credit sales are collected in the month following the sale.

The accounts receivable at March $31$ are a result of March credit sales.

What is the expected amount of cash to be collected in June?

The accounts receivable at March $31$ are a result of March credit sales.

What is the expected amount of cash to be collected in June?

$($Hint: You may want to calculate April and May also to help you later in the race.$)$

View hint for Question $2$

Question $3(5$ points$)$

Clue #$3-$ Accounts Receivable

What is the budgeted accounts receivable amount for June ${30}^{th}?$

$$ A

View hint for Question $3$

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