FILL IN CASH RECIEPTS FROM CUSTOMERS
noted, assume all of the following events occurred during 2024 and that any balances given are stated as of December 31, 2024.) a. Budgeted sales are 1,200 tires for the first quarter and expected to increase by 200 tires per quarter. Cash sales are expected to be 40% of total sales, with the remaining 60% of sales on account. b. Finished Goods Inventory on December 31, 2024 consists of 700 tires at $28 each. uncollectible accounts are considered insignificant and not considered for budgeting purposes. n. Direct materials purchases are paid 70% in the quarter purchased and 30% in the following quarter, December 31, 2024, Accounts Payable is paid in the first quarter of 2025. o. Direct labor, manufacturing overhead, and seling and administrative costs are paid in the quarter For the Year Ended December 31, 2025 First Second Third Fourth Quarter Quarter Quarter Quarter Total Budgeted tires to be sold 6,000 1,200 70 $ 1,400 70 S 1,600 70||$ 1,800 70||$ $ 70 Sales price per unit $ 84,000||$ 98,000 $ 112,000 $ 126,000 $ 420,000 Total sales Print Done lem Dart anf 10 Question 1 Conra 21A AR inte - X Data Table Grilton Tire Company Balance Sheet 65,000 45,000 December 31, 2024 Assets Current Assets: Cash $ Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation 7.000 19,600 $ 136,600 206,000 (68,000) 138,000 Total Assets 274,600 Llabilities Current Liabilities: Accounts Payable S 9,000 Print Done The Grilton Tire Company manufactures racing tires for bicycles. Grilton sells tires for $70 each. Grilton is planning Cash Receipts from Customers Other data - First Second Third Fourth Quarter Quarter Quarter Quarter Total Total sales 84000 98000 112000 126000 420000 First Second Third Fourth Quarter Quarter Quarter Quarter Total Cash Receipts from Customers: Accounts Receivable balance, December 31, 2024 1st QtrCash sales 1st Qtr.-Credit sales, collection of Qtr. 1 sales in Qtr. 1 1st Or-Credit sales, collection of Qtr. 1 sales in Qtr. 2 2nd QtrCash sales 2nd Qt - Credit sales, collection of Qtr. 2 sales in Qtr. 2 2nd Otr-Credit sales, collection of Qtr. 2 sales in Qtr. 3 3rd Qt-Cash sales 3rd QtrCredit sales, collection of Qtr. 3 sales in Qur. 3 3rd Or-Credit sales, collection of Otr 3 sales in Otr. 4 Ath Our. Cash sales 4th Or Credit sales, collection of Otr. 4 sales in QW.4 Total cash receipts from customers Enter any number in the edit fields and then click Check Answer e Text Pages Calculator in the first quarter. m Cash receipts for sales on account are 70% in the quarter of the sale and 30% in the quarter following the sale; December 31, 2024, Accounts Receivable is received in the first quarter of 2025; uncollectible accounts are considered insignificant and not considered for budgeting purposes. nirent materiale nurhan n d
