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Please show work, thank you. In the coming year, Sunland, Inc. will be introducing its first product, a wrist brace that protects serious video gamers
Please show work, thank you.
In the coming year, Sunland, Inc. will be introducing its first product, a wrist brace that protects serious video gamers from repetitive-motion injuries. The brace will be sold for $15 to retailers throughout the country. All sales will be made on account. An expected 75% of sales will be collected within the quarter of the sale, and another 20 % in the quarter following the sale. The remaining 5% of credit sales are expected to be uncollectible. The sales budget for the coming year is as follows: 1st Quarter 28,400 2nd Quarter 41,600 3rd Quarter 51,300 4th Quarter 8 1,900 Budgeted sales units Prepare Sunland, Inc.'s, cash receipts budget for the coming year. (Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.) Sales Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Annual Budgeted units sold 41600 2009 203200 Budgeted sales price Budgeted sales revenue 42 426000 624000 69500 3048000 Cash Receipts Budget 2nd Quarter 3rd Quarter 1st Quarter 4th Quarter Bad Debts 1st quarter sales 1 319500 2nd quarter sales 468000 3rd quarter sales 577125 1 1 4th quarter sales 921375 921375 Totals 319500 319500 L Determine the Net Accounts Receivable at the end of the year. Assume that no accounts have been written off during the year. Net Accounts Receivable sStep by Step Solution
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