Please don't give image based answer..thanku A company has the following expected sales:Sales ($)Sales in unitsJanuary February March$60,000?April$70,000 $65,000 $40,000RentDepreciation?Sales are collected as follows (all sales are on account): 45% in the month of sale, 55 % the month aftersale. There was no outstanding accounts receivable at the start of January.Each unit sells for $10.Management requires that ending inventory be 20% of the following month's budgeted sales; inventoryon hand at January 1 was 1,000 units.Ending inventory for April is 800 units.Each unit requires 4 meters of fabric, Management would like to have ending inventory of fabric equalto 25% of the following month's production needs; there were 13,000 meters of fabric on hand onJanuary 1.Management pays for fabric purchases as follows: 60% in the month of purchase, and 40 % the monthafter purchase. Each meter of fabric costs $2.00.Accounts payable on January 1 was $40,000; all of which will be paid during January.Cash on hand at January 1 is $40,000.Management requires a minimum cash balance at the end of each month of $10,000. If necessary,management can borrow money from the bank at an annual interest rate of 4% in increments of $1,000.Borrowing occurs at the start of the month and repayments occur at the end of the month. Forsimplicity, ignore compound interest. Interest is only paid when the loan is repaid.Management has budgeted the following for expenses (paid in cash in the month incurred):January Februar MarchY$4,000 $4,000 $4,000 $4,000$1,500$1,500 $1,500$1,500Advertis $2,000 $4,000 $5,000ingSalaries $3,000 $3,000 $3,000?April13$6,000?$3,000a. Create a cash receipts budget for the first quarter of the year.b. What is the account receivable balance as at March 31"?

Cash receipt budget represents the money a company collects from the sales it makes in current and…

Rent January Februar Y $4,000 $4,000 $4,000 $4,000 $1,500 $1,500 Depred $1,500 $1,500 ation Advertis ing Salaries $2,000 $4,000 March April $5,000 $3,000 $3,000 $3,000 $6,000 $3,000 a. Create a cash receipts budget for the first quarter of the year. b. What is the account receivable balance as at March 31"?

Rent January Februar Y $4,000 $4,000 $4,000 $4,000 $1,500 $1,500 Depred $1,500 $1,500 ation Advertis ing Salaries $2,000 $4,000 March April $5,000 $3,000 $3,000 $3,000 $6,000 $3,000 a. Create a cash receipts budget for the first quarter of the year. b. What is the account receivable balance as at March 31"?

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter22: Master Budget (master)

Section: Chapter Questions

Problem 1R: Ranger Industries has provided the following information at June 30: Other information: Average...

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