Question: UESTION 4 Question 4 PART A [11 Marks] Trinity Inc submitted the following sales forecast for the following months: March 2021 32,000 units April

UESTION 4 Question 4 PART A [11 Marks] Trinity Inc submitted the

UESTION 4 Question 4 PART A [11 Marks] Trinity Inc submitted the following sales forecast for the following months: March 2021 32,000 units April 2021 40,000 units May 2021 37,000 units June 2021 50,000 units The selling price of the firm's products is $15 per unit. Management expects to collect 70% of the sales in the month of the sale and 30% in the following month. The beginning accounts receivable of $144,000 is expected to be collected in the month of April 2021. Required a) Prepare the firm's sales budget [5 Marks] b) Prepare a schedule of cash collections for the quarter April, May, and June 2021 [6 Marks] 5 C A B IUx2x2 S I I

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

please answer QUESTION 4 Question 4 PART A m Marks] Trinity Inc submitted the following sales forecast for the following months March 2021 32,000 units April 2021 40.0K units May 2021 37,000 units...

Question 1 Exercise 8-10 Production and Direct Materials Budgets [LO8-3, LO8-4] Pearl Products Limited of Shenzhen, China, manufactures and distributes toys throughout Southeast Asia. Three cubic...

SAVE YOUR WORK Kerwin Inc. In the final stages of preparing its master budget for 2011 2 Required 1 The following data has been provided regarding sales and the expected collection patterne Budgeted...

Need ONLY an answer to Part C, step 1, questions 1 and 3. Term Project Part A: Understanding Financial Statements Locate and use an annual report STEP 1: The Company Assigned to you Find the most...

Locate and use an audited annual financial statement STEP 1: The Company Assigned to you Find the most recent audited annual financial statement online for the Canadian public company assigned to the...

Need the answer to Part C question only questions regarding the Step 2 - 7th question. Term Project Part A: Understanding Financial Statements Locate and use an annual report STEP 1: The Company...

Just need answer to part C question step 1, chart of accounts(1st question in step 1). Only need answer to that. Term Project Part A: Understanding Financial Statements Locate and use an annual...

Need a sample answer for part C. Looking for a tutor to answer this question for the tutor credits I have. Would be a great help if someone would work with this price. Thanks a lot, really appreciate...

13. What is the standard matrix representation of the following transforma- tions from R? to R?? A rotation of 5x/4 radians about the origin, a reflection across the line r =-a, a shear with factor...

Two trains start from stations A and B and travel towards each other at speeds of 40 kmph and 90 kmph respectively. At the time of their meeting, the second train has travelled 100 km more than the...

As designated by the National Weather Service ( NWS ) , which of the following is NOT a category of floods? A . record B . extreme C . moderate D . minor

The Heinrich Company manufactures two types of plastic hanger racks (Foldaways and Straightaways) especially suited for mounting near clothes dryers. Because permanent press clothing must be hung on...

Austin Enterprises was started by Daniel Austin. During the current year, Daniel Austin invested $8,000 in the business. Based on the following end of year spreadsheet: 1. Prepare an income statement...

You will be creating a fictitious company whose only presence is in the United States (domestic entity and domestic sales only). As you put this company together, you will apply what you have learned...

Bramble Corp. has the following balances in selected accounts on December 31, 2020. Accounts Receivable Accumulated Depreciation-Equipment $0 Equipment 6,000 Interest Payable 0 Notes Payable 10,100...

The ledger of Wildhorse Company contains the following balances: Owner's Capital $28,600, Owner's Drawings $2,700, Service Revenue $50,000, Salaries and Wages Expense $27,100, and Supplies Expense...

Design a minimum-mass symmetric three-bar truss (the area of member 1 and that of member 3 are the same) to support a load P, as was shown in Fig. 2.9. The following notation may be used: Pu = P cos...

How much will Janines IRA be worth when she needs to start withdrawing money from it when she retires? (Hint: Use Exhibit 1-A in the Chapter 1 Appendix.)

Calculating the Amount Spent on Health Care. Using Exhibit 18-4, calculate approximately how much money the household from problem 3 spends on health care. LO18-5

Calculate how much money an average older household, 6574 years, with an annual income of $50,000 spends on food each year. (Hint: Use Exhibit 18-4.)