Requirements

1 Prepare a sales budget for all four months, showing the breakdown between cash and credit sales.

2 Prepare a cash collections budget for December and January.

Requirements

Use cell references from the prior requirement, if applicable.

5 ACH Morningstar View Help Formulas Data Review Draw File Insert Page Layout Home General X Cut Calib 12 2 Wrap Text >-A-3 Merge & Center - $ - % ge Copy aste BIU- H- S' Format Painter Number Alignment Font Clipboard fo 13 K F H G E c D The Master Budget Sales and cash collections budgets 5 6 7 Augustine Reeds, a manufacturer of saxophone, oboe, and clarinet reeds, has projected sales to be: October November December January $904,000 $964,000 $1,045,000 $936,000 13 8 Augustine's sales are: 9 20% cash 10 80% credit 11 12. The company's collection history indicates that credit sales are collected as follows: 30% in the month of the sale 14 60% in the month after the sale 15 8% two months after the sale 16 2% are never collected 17 18 Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full credit. If you 19 copy/paste from the Instruction tab you will be marked wrong. 20 21 Requirements 22 1 Prepare a sales budget for all four months, showing the breakdown between cash and credit sales. 23 2 Prepare a cash collections budget for December and January 24 a. Use cell references from the prior requirement, if applicable. 25 26 Savinnol KO Data Acrobat Review Help View Formulas Momingstar Fue Home Draw Insert Page Layout General X Cut 20 Wrap Tent Collon - 12 - Condi Da Copy Merge & Center 5 - 96 Paste BIU.BA Format Format Painter Alignment Number Font Clipboard A1 10 1. Prepare a sales budget for all four months, showing the breakdown between cash and G 1. Prepare a sales budget for all four months, showing the breakdown between cash and credit sales. (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction 2 tab you will be marked wrong.) 3 4 Augustine Reeds 5 Sales Budget 0 For the Four Months Ended January 7 October November December January Cash sales 9 Credit sales 10 Total sales revenue 11 12 2. Prepare a cash collections budget for December and January (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction 13 tab you will be marked wrong. Use cell references from the prior requirement, if applicable.) 14 15 Augustine Reeds 16 Budgeted Cash Collections from Customers 17 For the Months of December and January 18 Month 19 December January 20 Cash sales in current month 21. Collection on credit sales: 22 Credit sales from current month 23 Credit sales made one month ago 24 Credit sales made two month ago 25 Total cash collections 26 27 28 29 30 31 12 34 35 INSTRUCTIONS ENTERANSWERS