Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

pt1: pt2: Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each year,

pt1: image text in transcribed
image text in transcribed
pt2:
image text in transcribed
image text in transcribed
Silver 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 (all on account) April $450,000 May $650,000 June $250,000 Total $1,350,000 From past experience, the company has learned 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 1 Required 2 Prepare a schedule of expected cash collectins from sales, by month and in total, for the second quarter Schedule of Expected Cash Collections April May June Total 0 0 0 February sales March sales April sales May sales June sales Total cash collections $ 0$ OS 0 0 Required 2 > Silver 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: Apra May June Total Budgeted sales (ell on account) $450,000 $650,000 $250,000 $1,350,000 From past experience, the company has learned 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 1 Required 2 What is the accounts receivable balance on June 30th Total accounts receivable at June 30 The Production Department of Hruska Corporation has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year. Units to be produced 1st Quarter 10.600 2nd Quarter 9.600 3rd Quarter 11,600 4th Quarter 12,600 Each unit requires 0.30 direct labor-hours and direct laborers are paid $12,50 per hour. In addition, the variable manufacturing overhead rate is $1.50 per direct labor-hour. The fixed manufacturing overhead is $86,000 per quarter. The only noncash element of manufacturing overhead is depreciation, which is $26,000 per quarter. Required: 1. Calculate the company's total estimated direct labor cost for each quarter of the upcoming fiscal year and for the year as a whole. 2&3. Calculate the company's total estimated manufacturing overhead cost and the cash disbursements for manufacturing overhead for each quarter of the upcoming fiscal year and for the year as a whole. Complete this question by entering your answers in the tabs below. Reg 1 Req 2 and 3 Calculate the company's total estimated manufacturing overhead cost and the cash disbursements for manufacturing overhead for each quarter of the upcoming fiscal year and for the year as a whole. 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Total manufacturing overhead Cash disbursements for manufacturing overhead Reg1

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer

13th Edition

978-0073379616, 73379611, 978-0697789938

More Books

Students also viewed these Accounting questions

Question

What is Wilks' A? For what purpose is it used?

Answered: 1 week ago

Question

=+b) What was the purpose of using Major as a blocking factor?

Answered: 1 week ago

Question

What is the effect of word war second?

Answered: 1 week ago