The half year results of Manhattsons Manufacturing Ltd have been completed at 31 August 2019. The last quarter's actual sales and the forecasted sales numbers are as follows: Actual Sales (as per Statement of Forecasted Sales (as per forecasted Statement Comprehensive Income) of Comprehensive Income) June 2019 July 2019 August 2019 September October November 2019 2019 2019 198 000 288 000 396 000 450 000 558 000 630 000 Additional Information: 75% of all sales are on credit. The debtors collection history is as follows: 60% of outstanding amounts are collected during the month following the month of the sale (30 days). The company policy is to allow a settlement discount of 2.5% for all sales settled within 30 days. 25% of outstanding amounts are collected during the second month following the month of the sale (60 days). 10% of outstanding amounts are collected during the third month following the month of the sale (90 days). 5% is irrecoverable. Credit losses are written off at the end of the month in which the last instalment is received.
The half year results of Manhattsons Manufacturing Ltd have been completed at 31 August 2019. The last quarter's actual sales and the forecasted sales numbers are as follows: Actual Sales (as per Statement of Forecasted Sales (as per forecasted Statement Comprehensive Income) of Comprehensive Income) June 2019 July 2019 August 2019 September October November 2019 2019 2019 198 000 288 000 396 000 450 000 558 000 630 000 Additional Information: 75% of all sales are on credit. The debtors collection history is as follows: 60% of outstanding amounts are collected during the month following the month of the sale (30 days). The company policy is to allow a settlement discount of 2.5% for all sales settled within 30 days. 25% of outstanding amounts are collected during the second month following the month of the sale (60 days). 10% of outstanding amounts are collected during the third month following the month of the sale (90 days). 5% is irrecoverable. Credit losses are written off at the end of the month in which the last instalment is received.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 4RE: Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020....
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Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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Good day . can you please assist on the attached photo below.
Q.1 prepare the schedule of budgeted receipts from debtors for the quarter ending 30 november 2019. Show all the calculations . round to the two decimal places.
Transcribed Image Text:The half year results of Manhattsons Manufacturing Ltd have been completed at 31 August 2019.
The last quarter's actual sales and the forecasted sales numbers are as follows:
Actual Sales (as per Statement of
Forecasted Sales (as per forecasted Statement
Comprehensive Income)
of Comprehensive Income)
June 2019
July 2019
August 2019
September
October
November
2019
2019
2019
198 000
288 000
396 000
450 000
558 000
630 000
Additional Information:
75% of all sales are on credit.
The debtors collection history is as follows:
60% of outstanding amounts are collected during the month following the month of
the sale (30 days). The company policy is to allow a settlement discount of 2.5% for all
sales settled within 30 days.
25% of outstanding amounts are collected during the second month following the
month of the sale (60 days).
10% of outstanding amounts are collected during the third month following the month
of the sale (90 days).
5% is irrecoverable.
Credit losses are written off at the end of the month in which the last instalment is received.
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