+1-415-670-9189
info@expertsmind.com
Sales budget and cash receipts schedule
Course:- Accounting Basics
Reference No.:- EM13149014




Assignment Help
Expertsmind Rated 4.9 / 5 based on 47215 reviews.
Review Site
Assignment Help >> Accounting Basics

Dorough Pointers Inc. expects to begin operations in January1, 2009. Dorough expects sales in January 2009 to total $120,000 and to increase 10 percent per month in February and March. All sales are on account. Dorough expects to collect 70 percent of accounts receivable in the month of sale, 20 percent in the month following the sale, and 10 percent in the second month following the sale.

a. Prepare a sales budget for the first quarter of 2009.

b. Determine the amount of sales revenue Dorough will report on the first of 2009 quarterly pro forma income statement.

c. Prepare a cash receipts schedule for the first quarter of 2009.

d. Determine the amount of accounts receivable as of March 31, 2009.




Put your comment
 
Minimize


Ask Question & Get Answers from Experts
Browse some more (Accounting Basics) Materials
At November 30 the company owned land and a building. The land cost 24, 000 and now has a value of 32,000. The building's cost of 88,800 is near its current value if sold. T
Now assume that eh interaction is sequential where Holland Sweetener chooses to enter and if so they face the pricing problem in the second stage.  Should Holland Sweetener
If a company pays 8 percent interest to borrow $500,000, but is in an income tax bracket that requires it to pay 40 percent income tax, what is the actual net-of-tax interes
If the input bias current is 200 μA, find W1, W2, and L to obtain a short-circuit current gain of 4, an input resistance of 500 Ω, and an output resistance of 20 kΩ
Identify a publicly held multinational company of your choice. Research its filings to the SEC, particularly the 10-K and 10-Qs. Also, examine its annual report online. Then,
Prepare the January 1 and December 31 general journal entries for XYZ Company - How much should the XYZ Company report on the balance sheet for the investment in Rayco at the
ABC Capital holds the following portfolio: Stock Investment Beta A $150,000 1.40 B $75,000 0.80 C $75,000 1.00 D $75,000 1.20 Total $375,000 What is the portfolio's beta?
At the beginning of 2008, Anfernee Company acquired equipment costing $200,000. It was estimated that this equipment would have a useful life of 6 years and a residual value o