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Can someone tell me how to calculate the following entries? Accounts Receivable (total sales dollars 4th qtr * Percent of credit sales collected QTR after
Can someone tell me how to calculate the following entries?
Accounts Receivable (total sales dollars 4th qtr * Percent of credit sales collected QTR after sale), Accounts payable (you figure out), Retained earnings (you figure out.hint, back into this)
Summer Flowers Company is preparing the budget for the year ended 12/31/2018 Sales projections are as follows: 3ra 38,000 Unit Sales 25,000 18,000 39,000 26,000 22,000 40,000 . Unit sales price is $29.00 Percent of cash sales collected in the period 40% Percent of credit sales collected in period of sale 40% Percent of credit sales collected after quarter of sale 20% Desired ending inventory percentage of next quarters production needs 20% Amount of materials needed for unit to be produced is 8 pounds Desired ending inventory percentage of next quarters materials needs 15 Cost of raw materials to purchased per unit $.16, which is the same cost as the materials purchased in 2017 Percentage of purchases paid for in the period of purchase 60% Percentage of purchase paid for in the subs Direct lahor hours required to produce one unit .25 hours sequent quarter 40% Cost per direct labor hour $18.00 . Cost of variable factory overhead per direct labor hour $2.80 .Cost of Variable SG&A per unit sold 53.00 Minimum required cash balance $20,000 Quarterly interest rate on loans outstanding charged from the beginning of the quarter 3% .Cost per unit of the prior year finished goods inventory $8.00
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