Required: 1. Prepare Frame-It Company's sales budget for Q4(20x0) and 20x1 Answer is complete and correct. 20x0 4th Quarter 20x1 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Entire Year S frame unit sales 70,000 76,000 82,000 88,000 94,000 340,000 S sales price $ 14 $ 14 $ 14 $ 14 $ 14 $ 14 S frame sales revenue $ 980,000 $ 1,064,000 $ 1,148,000 $ 1,232,000 $ 1,316,000 $ 4,760,000 L frame unit sales 60,000 66,000 72,000 78,000 L sales price $ 18 $ 18 $ 18 $ 18 $ 84,000 18 $ 300,000 L frame sales revenue $ 1,080,000 $ 1,188,000 $ 1,296,000 $ 1,404,000 $ 1,512,000 Total sales revenue $ 2,060,000 $ 2,252,000 $ 2,444,000 Cash sales* $ 618,000 Sales on account+ 1,442,000 $ 675,600 1,576,400 $ 733,200 $ $ 2,636,000 790,800 $ 2,828,000 848,400 18 $ 5,400,000 $ 10,160,000 $ 3,048,000 1,710,800 1,845,200 1,979,600 7,112,000 *30% of total sales. +70% of total sales. 2. Prepare Frame-It Company's cash receipts budget for 201. Answer is complete and correct. 1st Quarter 2nd Quarter 20x1 3rd Quarter 4th Quarter Entire Year Cash sales $ 675,600 $ 733,200 $ 790,800 $ 848,400 $ 3,048,000 Cash collections from credit sales made during current quarter* Cash collections from credit sales made during previous quartert 1,261,120 288,400 1,368,640 315,280 1,476,160 342,160 1,583,680 5,689,600 369,040 1,314,880 $ 2,225,120 $ 2,417,120 $ 2,609,120 $ 2,801,120 10,052,480 Total cash receipts *80% of current quarter's credit sales. 20% of previous quarter's credit sales.