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Compute the cash Receipts and cash disbursements schedule.
Tilson Company has projected sales and production in units for the second quarter of the coming year as follows:
April
May
June
Sales
55,000
45,000
65,000
Production
Cash-related production costs are budgeted at $7 per unit produced. Of these production costs, 40% are paid in the month in which they are incurred and the balance in the following month. Selling and administrative expenses will amount to $110,000 per month. The accounts payable balance on March 31 totals $193,000, which will be paid in April. All units are sold on account for $16 each. Cash collections from sales are budgeted at 60% in the month of sale, 30% in the month following the month of sale, and the remaining 10% in the second month following the month of sale. Accounts receivable on April 1 totaled $520,000 $(100,000 from February's sales and the remainder from March). Required: a. Prepare a schedule for each month showing budgeted cash disbursements for the Tilson Company. b. Prepare a schedule for each month showing budgeted cash receipts for Tilson Company.
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