3 0.66 points ebook) 10 10 Siver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below Budgeted sales (1) on account) $450,00 650.000 $254 Total 51.350,000 From past experience, the company has leamed that 25% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 15% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $380,000, and March sales totaled $410,000 Required 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter 2. What is the accounts receivable balance on June 30th? Complete this question by entering your answers in the tabs below. Required 3 Required 2 References Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter Schedule of Expected Cash Collections April May February sales June Total S 30.000 March sales April sales May sales June sales Total cash collections $ 30.000 0$ $ 30,000 Required 2 > Down Under Products, Limited, of Australia has budgeted sales of its popular boomerang for the next four months as follows Unit Sales April May June July 74,000 85.000 114,000 92,000 The company is now in the process of preparing a production budget for the second quarter Past experience has shown that end-of- month inventory levels must equal 10% of the following month's unit sales. The inventory at the end of March was 7,400 units. Required: Prepare a production budget by month and in total, for the second quarter Budgeted unit sales Down Under Products, Limited. Production Budget April May June Quarter Add: Desired units of ending finished goods inventory Total needs Loss Units of boginning finished goods inventory Required production in units 0 0 0 0 0 Garden Depot is a retaller that is preparing its budget for the upcoming fiscal year Management has prepared the following summary of its budgeted cash flows Total cash receipts Total cash disbursements 1st Quarten 2nd Quarter $210,000 $281,000 $240,000 $281,000 4th Quarter $260,000 $261,000 5360,000 5251.000 The company's beginning cash balance for the upcoming fiscal year will be $26,000. The company requires a minimum cash balance of $10,000 and may borrow any amount needed from a local bank at a quarterly interest rate of 3%. The company may borrow any amount at the beginning of any quarter and may repay its loans, or any part of its loans, at the end of any quarter, Interest payments are due on any principal at the time it is repaid. For simplicity, assume that interest is not compounded Required: Prepare the company's cash budget for the upcoming fiscal year (Repayments and interest should be indicated by a minus sign.) Beginning cash balance Total cash receipts Total cash available Total cash disbursements Excess (deficiency) of cash available over disbursements Financing Borrowings Repayments Interest Total financing Ending cash balance Ganden Depor Cash Hadget 14 Quarter 2nd Quarter Quarter 4th Quarter Year 0 0 01 0 0 0 0 D D $ 0 $ 0 $ 0 Gig Harbor Boating is the wholesale distributor of a small recreational catamaran sailboat. Management has prepared the following summary data to use in its annual budgeting process: Budgeted unit sales Selling price per unit Cost per unit Variable selling and administrative expense (per unit) Fixed selling and administrative expense (per year) Interest expense for the year Required: Prepare the company's budgeted income statement for the year. Gig Harbor Boating 500 $1,970 $1,460 $50 $196,000 $13,000 Budgeted Income Statement Accounts receivable Accounts receivable Gross margin Accumulated depreciation Net operating income Sales Net income