1 The Master Budget 2 Sales and cash collections budgets 3 4 Augustine Reeds, a manufacturer of saxophone, oboe, and clarinet reeds, has projected sales to be: October November December January $904,000 $964,000 $1,045,000 $936,000 vo 10 credit 8 Augustine's sales are: 20% cash 80% credit 11 12 The company's collection history indicates that credit sales are collected as follows: 30% in the month of the sale 60% in the month after the sale 15 8 % two months after the sale 16 2 % are never collected 17 18 Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full credit. If you copy/paste 19 Instruction tab you will be marked wrong. 9558 SBD 21 Requirements 22 1 Prepare a sales budget for all four months, showing the breakdown between cash and credi 23 2 Prepare a cash collections budget for December and January 24 a. Use cell references from the prior requirement, if applicable. 1 1. Prepare a sales budget for all four months, showing the breakdown between cash and credit sales. (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be 2 marked wrong.) Augustine Reeds Sales Budget or the Four Months Ended January October November F December January 8 Cash sales 9 Credit sales 10 Total sales revenue en 12 2. Prepare a cash collections budget for December and January (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be trec 13 marked wrong. Use cell references from the prior requirement, if applicable.) January Augustine Reeds Budgeted Cash Collections from Customers For the Months of December and January Month December 20 Cash sales in current month 21 Collection on credit sales: 22 Credit sales from current month 23 Credit sales made one month ago 24 Credit sales made two month ago 25 Total cash collections Project Description: bma05.e9.31a LO 2,3 Steps to Perform: Points Possible Step Instructions 1. Prepare a sales budget for all four months, showing the breakdown between cash and credit sales (Always use coll references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong.) TO 2. Prepare a cash collections budget for December and January (Always use coll references and formulas where appropriate to receive full credit. If you copypaste from the Instruction tab you will be marked wrong. Use cell references from the prior requirement, if applicable)