I just need the Cash Receipts from Customers.

More Info (Unless otherwise noted, assume all of the following events occurred during 2018 and that any balances given are stated as of December 31, 2018 ) a. Budgeted sales are 1,500 sets for the first guarter and expected to increase by 50 sets per quarter Cash sales are expected to be 20% of total sales, with the remaining 80% of sales on account Sets are budgeted to sell for $90 per set b. Finished Goods Inventory on December 31, 2018, consists of 550 sets at $35 each c. Desired ending Finished Goods Inventory is 30% of the next quarter's sales, first quarter sales for 2020 are expected to be 1.700 sets. FIFO inventory costing method is used d. Raw Materials Inventory on December 31, 2018, consists of 3.300 pounds Direct materials requirement is 6 pounds per set. The cost is 1 per pound e. Desired ending Raw Materials Inventory is 10% of the next quarter's direct materials needed for production desired ending inventory for December 31, 2019, s. 3.300 pounds. Indirect materials are Insignificant and not considered for budgeting purposes 1. Each set requires 0 20 hours of direct labor direct labor costs average 10 per hour 9. Variable manufacturing overhead is $2.00 per set h. Fixed manufacturing overhead includes $4500 per quarter in depreciation and 58.020 per quarter for other costs, such as utilities Insurance and property taxes Fixed selling and administrative expenses include 59.000 per quarter for salaries 55,700 per quarter for rent $600 per quarter for insurance and 51 000 per quarter for depreciation Print Done More info Fixed selling and administrative expenses include $9.000 per quarter for salaries. 55,700 per quarter for rent, $500 per quarter for insurance, and 51,000 per quarter for depreciation 1 Variable selling and administrative expenses include supplies at 3% of sales k Capital expenditures include 520,000 for new manufacturing equipment to be purchased and paid for in the first quarter Cash receipts for sales on account are 60% in the quarter of the sale and 40% in the quarter following the sale, Accounts Receivable balance on December 31, 2018 is expected to be received in the first quarter of 2019. uncollectible accounts are considered insignificant and not considered for budgeting purposes m. Direct materials purchases are paid 70% in the quarter purchased and 30% in the following quarter Accounts Payable balance on December 31, 2018 is copected to be paid in the first quarter of 2019 n. Direct labor, manufacturing overhead, and selling and administrative conts are paid in the quarter Incurred 0. Income tax expense is projected at $4.500 per quarter and is paid in the quarter incurred P: Truvor desires to maintain a minimum cash balance of $60.000 and borrows from the local bankas needed in increments of $1.000 at the beginning of the quarto, principal payments are made at the beginning of the quarter when excess funds are available and increments of $1000, interest is 129 per year and paid at the beginning of the quarter based on the amount outstanding from the previous quarter Paint Done Trevor Toy Company Balance Sheet December 31, 2018 Assets S 60.000 18,000 Current Assets Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property Plant and Equipment Equipment Less Accumulated Depreciation 3,300 19.250 $ 100.550 188,000 (39,000) 149,000 Data Table - 100.550 Total Current Assets Property, Plant, and Equipment Equipment Less: Accumulated Depreciation 188,000 (39.000) 149,000 249,550 Total Assets $ Liabilities S 16,000 Current Liabilities Accounts Payable Stockholders' Equity Common Stock no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 180.000 53.550 233.550 249,550 $ Requirements 1. Prepare Trever's operating budget and cash budget for 2019 by quarter Required schedules and budgets include sales budget production budget dired materials budget direct labor budget, manufacturing overhead budget cost of goods sold budget selling and administrative expense budget schedule of cash receipts. schedule of cash payments and cash budget Manufacturing overhead costs are allocated based on direct labor hours Round a calculations to the nearest dollar) 2. Prepare Trevor's annual financial budget for 2015, including budgeted Income statement and budgeted balance sheet 3. Trevor sold 7 100 sets in 2019, and its actual operating income was as follows mm Click the icon to view the actual income statement) Prepare a feble budget performance report through operating income for 2019 Show product costs separately from seling and administrative costs to simply the calculations due to set in beginning inventory having a diferent cost than those produced and sold in 2019. assume the following producto Click the icon to view the productos 4. What was the effect on Trever's operating income of seng 800 more than the static budget level of sales? Print Done Requirements 5. What is Trevor's static budget variance for operating income? 6. Explain why the flexible budget performance report provides more sul Information to Trevor's managers than the static budget performance report What Insights can Trevor's managers draw from this performance report? T. During 2019. Trevor recorded the following cost dat Click the icon to view the standard cost data m Click the icon to view the actual cost dut) Compute the cost and ulticiency variances for direct materials and direct labor 8. For manufacturing overhead, compute the variable overhead cost and efficiency Valances and the fored overhead cost and volume variances 9. Prepare the standard cont income statement for 2019 10. Calculate Trevor's ROI for 2019 To calculate average to see December 31, 2016 balance sheet for the beginning balance and the trageted balance sheet for December 31, 2019 for the ending to Round all of your awwers to four decimal places PV 11. Culote Trevor's proftratio for 2019 terpret your 12. Calcule Trevor's asset tumover at for 2019 Interpret your results 13. Use the expanded ROI formulato conform your results from Requirement to Interpret your 14. Trevor's management has specited a 10% target of return Calculate Trevor's RI for 2019. Interpret your Po 1 Data Table 639,000 Trevor Toy Company Income Statement For the Year Ended December 31, 2015 Net Sales Revenue $ Cost of Goods Sold Variable 86.406 Fixed 48.480 Gross Profit Selling and Administrative Expenses Variable 19.170 Food 65.200 Operating Income Other Income and Expenses 134 886 504.114 BE370 419.744 Print Done i Data Table Cost of Goods Sold Variable 86,406 Fixed 48.480 134 886 504114 19,170 65.200 34 370 Gross Profit Selling and Administrative Expenses Variable Fixed Operating Income Other Income and (Expenses) Interest Expense Income Before Income Taxes Income Tax Expense 419,744 (500) 419,244 25.000 394244 Net Income 0 Data Table - X Total Static budget Flexible budget Variable $ 72,670 $ 85,606 Fixed 50.080 $ 50.080 122.750 135.686 Print Done Data Table - X Cost Standard Cost Information Quantity Direct materials 6 pounds per set Direct labor 0.20 hours per set Variable manufacturing overhead 0 20 hours per set Fixed manufacturing overhead Static budget amount: $50,080 0.20 hours per set $1 per pound $10 per hour $10 per hour $40.00 per hour Print Done Data Table Actual Cost Information Direct matijals Direct labor Variable manufacturing overhead Fixed manufacturing overhead (42 300 pounds @ 51 40 per pound) $ (1,380 hours 510 10 per hour) (1.380 hours @ 59 60 per hour) 59,220 13.938 13248 48.480 Print Done Read the requirements Accounts Receivable balance, December 31, 2018 1st Qtr-Cash sales 1st Qtr-Credit sales, collection of Qtr 1 sales in Qtr. 1 1st Qtr-Credit sales, collection of Qtr. 1 sales in Qtr 2 2nd Otr-Cash sales 2nd Otr-Credit sales, collection of Qtr 2 sales in Qtr 2 2nd Qtr ---Credit sales, collection of Otr. 2 sales in Qtr. 3 3rd Qur-Cash sales 3rd Qtr-Credit sales, collection of Otr3 sales in Q3 3rd Q-Credit sales, collection of tr 3 sales in 4 3rd Qtr-Credit sales, collection of Qtr 3 sales in Qtr. 3 3rd Qtr-Credit sales, collection of Qtr. 3 sales in Qtr 4 4th Qtr-Cash sales 4th Qtr-Credit sales, collection of Qtr. 4 sales in Qtr 4 Total cash receipts from customers Accounts Receivable balance, December 31, 2019: 4th Qir-Credit sales, collection of Otr 4 sales in Qtr 1 of 2020 Enter any number in the edit Nelds and then click Check Answer 3rd Qtr-Credit sales, collection of Qtr 3 sales in Qtr. 3 3rd Qtr-Credit sales, collection of Qtr. 3 sales in Qtr 4 4th Qtr-Cash sales 4th Qtr-Credit sales, collection of Qtr. 4 sales in Qtr 4 Total cash receipts from customers Accounts Receivable balance, December 31, 2019: 4th Qir-Credit sales, collection of Otr 4 sales in Qtr 1 of 2020 Enter any number in the edit Nelds and then click Check