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Question - Tilson Company has projected sales and production in units for the second quarter of the coming year as follows:
Sales: April--55K May--45K June--65K Production: 65K 55K 55K Cash-related production cost 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$110K per month. The accounts payable balance on March 31 totals $193K, 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 following month of sale, and the remaining 10% in the second month following the month of sale. Accounts receivable on April totaled $520K(100K from February's sale 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 bugted cash receipts for Tilson Co.
Grunewald Industries sells on terms of 2/10, net 40. Gross sales last year were $4,562,500 and accounts receivable averaged $437,500. Half of Grunewald's customers paid on the 10th day and took discounts.
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