Scholastic Learning Sales Budget For the Year Ended December 31, 2019 Third First Second Fourth Quarter Quarter Quarter Quarter Total Budgeted tablets to be sold 450 750 1,200 650 3,050 450 S 450 $ 450 $ 450 S 450 Sales price per unit 540,000 S 202,500 $ 337,500 $ 292,500 S 1,372,500 Total sales Schdule of Cash Receipts from Customers First Second Third Fourth Quarter Quarter Quarter Quarter Total 202,500 S 337,500 540,000 292,500 1.372,500 Total sales First Second Third Fourth Total Quarter Quarter Quarter Quarter Cash Receipts from Customers Accounts Receivable balance, December 31, 2018 $ 30,000 60,750 1st Qtr-Cash sales (30 %) 1st Qtr-Credit sales (70% ), 30 % collected in 1st qtr. 42,525 99,225 1st Qtr-Credit sales (70%), 70 % collected in 2nd qtr 101,250 2nd Qtr.-Cash sales (30%) 2nd Qtr-Credit sales (70%), 30% collected in 2nd qtr. 70,875 2nd Qtr-Credit sales (70%), 70% collected in 3rd qtr. 165,375 $ 3rd Qtr-Cash sales (30 % ) 162,000 3rd Qtr.-Credit sales (70%), 30 % collected in 3rd qtr. 113,400 3rd Qtr-Credit sales (70%), 70% collected in 4th qtr. 284,600 4th Qtr-Cash sales (30%) 87.750 4th Qtr-Credit sales (70%), 30% collected in 4th qtr 81.425 440,775 413,775 S 1,259.175 133,275 S 271,350 $ Total cash receipts from customers Accounts Receivable balance, December 31, 2019 143,325 4th Qtr-Credit sales (70% ). 70 % collected in 1st qtr of 2020 Scholastic Learning Cash Budget For the Year Ended December 31, 2019 Scholastic Learning Cash Budget For the Year Ended December 31, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Total 22,000 $ 133,275 20.465 $ 440,775 20,933 20,085 $ 22,000 Beginning cash balance 271,350 413,775 1,259.175 Cash receipts 155,275 Cash available 292,283 481,240 433,840 1,281,175 Cash payments: 10,000 Capital expenditures 10,000 10,000 10,000 40,000 236,080 Purchases of direct materials 58,232 181,888 229,808 705,808 Direct labor 14,000 37,200 39,200 29,200 119,600 17,835 20,155 20,355 Manufacturing overhead 19,355 77,700 71,900 Selling and administrative expenses 81,775 85,825 64,475 283,975 2,500 2,500 Income taxes 2,500 2,500 10,000 1,140 450 240 1,830 Interest expense 184,342 381,175 317,818 355,578 1,218,913 Total cash payments 80,085 62,202 Ending cash balance before fiOnancing (9.067) (25,535) 78,282 Scholastic Learning had prepared the following sales budget, schedule of budgeted cash receipts, and cash budget for 2019 (Click the icon to view the original budgets.) Suppose a change in the receipt of cash from sales on account is as follows i (Click the icon to view the revised receipt of cash information.) Scholastic Learning decided to revise its sales budget to show fourth quarter sales of 900 tablets due to the expectation of increased holiday sales. (Click the icon to view the revised sales budget) Read the requirements. Requirement 1. Revise the schedule of budgeted cash receipts to include the increase in fourth quarter sales and the change in the timing of customer receipts. (If a box is not used in the table, leave the box empty: do not enter a zero. Round your answers to the nearest dollar.) Schdule of Cash Receipts from Customers - X X Reference More Info First Second Third Fourth Quarter Quarter Quarter Quarter Total Total sales Scholastic Learning 30 % in the quarter of the sale Second First Third Fourth Sales Budget 35% in quarter after the sale Quarter Quarter Quarter Quarter Total For the Year Ended December 31, 2019 33% two quarters after the sale Cash Receipts from Customers: Third First Second Fourth 2% never collected Accounts Receivable balance, December 31, 2018 Quarter Quarter Quarter Quarter Total 1st Qtr-Cash sales 450 1,200 Budgeted tablets to be sold 750 900 3,300 Print Done 1st Qtr.-Credit sales collected in 1st qtr. 450 S 450 $ 450 S 450 $ 450 Sales price per unit 1st Qtr.-Credit sales collected in 2nd qtr. 540,000 S 405,000 1.485,000 202,500 S 337,500 $ Total sales 1st Qtr-Credit sales collected in 3rd qtr. 2nd Qtr.-Cash sales Print Done 2nd Qtr.-Credit sales collected in 2nd qtr. 2nd Qtr.-Credit sales collected in 3rd qtr. Suppose a change in the receipt of cash from sales on account is as follows: (Click the icon to view the revised receipt of cash information.) Scholastic Learning had prepared the following sales budget, schedule of budgeted cash receipts, and cash budget for 2019 (Click the icon to view the original budgets.) sales budget to show fourth quarter sales of 900 tablets due to the expectation of increased holiday sales. Scholastic Learning decided to revise Read the requirements. (Click the icon to view the revised sales budget) 1st Qtr.-Cash sales 1st Qtr-Credit sales collected in 1st qtr. 1st Qtr-Credit sales collected in 2nd qtr. 1st Qtr-Credit sales collected in 3rd qtr. 2nd Qtr.-Cash sales 2nd Qtr.-Credit sales collected in 2nd qtr. 2nd Qtr.-Credit sales collected in 3rd qtr. 2nd Qtr.-Credit sales collected in 4th qtr. 3rd Qtr.-Cash sales 3rd Qtr-Credit sales collected in 3rd qtr. 3rd Qtr.-Credit sales collected in 4th qtr. 4th Qtr-Cash sales 4th Qtr-Credit sales collected in 4th qtr. Total cash receipts from customers Requirement 2. How will the changes in cash receipts affect the cassh budget? funds because of the in cash receipts. This will result in of interest expense and in net income for the year. Scholastic Leaming will need to borrow Scholastic Learning Sales Budget For the Year Ended December 31, 2019 Third First Second Fourth Quarter Quarter Quarter Quarter Total Budgeted tablets to be sold 450 750 1,200 650 3,050 450 S 450 $ 450 $ 450 S 450 Sales price per unit 540,000 S 202,500 $ 337,500 $ 292,500 S 1,372,500 Total sales Schdule of Cash Receipts from Customers First Second Third Fourth Quarter Quarter Quarter Quarter Total 202,500 S 337,500 540,000 292,500 1.372,500 Total sales First Second Third Fourth Total Quarter Quarter Quarter Quarter Cash Receipts from Customers Accounts Receivable balance, December 31, 2018 $ 30,000 60,750 1st Qtr-Cash sales (30 %) 1st Qtr-Credit sales (70% ), 30 % collected in 1st qtr. 42,525 99,225 1st Qtr-Credit sales (70%), 70 % collected in 2nd qtr 101,250 2nd Qtr.-Cash sales (30%) 2nd Qtr-Credit sales (70%), 30% collected in 2nd qtr. 70,875 2nd Qtr-Credit sales (70%), 70% collected in 3rd qtr. 165,375 $ 3rd Qtr-Cash sales (30 % ) 162,000 3rd Qtr.-Credit sales (70%), 30 % collected in 3rd qtr. 113,400 3rd Qtr-Credit sales (70%), 70% collected in 4th qtr. 284,600 4th Qtr-Cash sales (30%) 87.750 4th Qtr-Credit sales (70%), 30% collected in 4th qtr 81.425 440,775 413,775 S 1,259.175 133,275 S 271,350 $ Total cash receipts from customers Accounts Receivable balance, December 31, 2019 143,325 4th Qtr-Credit sales (70% ). 70 % collected in 1st qtr of 2020 Scholastic Learning Cash Budget For the Year Ended December 31, 2019 Scholastic Learning Cash Budget For the Year Ended December 31, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Total 22,000 $ 133,275 20.465 $ 440,775 20,933 20,085 $ 22,000 Beginning cash balance 271,350 413,775 1,259.175 Cash receipts 155,275 Cash available 292,283 481,240 433,840 1,281,175 Cash payments: 10,000 Capital expenditures 10,000 10,000 10,000 40,000 236,080 Purchases of direct materials 58,232 181,888 229,808 705,808 Direct labor 14,000 37,200 39,200 29,200 119,600 17,835 20,155 20,355 Manufacturing overhead 19,355 77,700 71,900 Selling and administrative expenses 81,775 85,825 64,475 283,975 2,500 2,500 Income taxes 2,500 2,500 10,000 1,140 450 240 1,830 Interest expense 184,342 381,175 317,818 355,578 1,218,913 Total cash payments 80,085 62,202 Ending cash balance before fiOnancing (9.067) (25,535) 78,282 Scholastic Learning had prepared the following sales budget, schedule of budgeted cash receipts, and cash budget for 2019 (Click the icon to view the original budgets.) Suppose a change in the receipt of cash from sales on account is as follows i (Click the icon to view the revised receipt of cash information.) Scholastic Learning decided to revise its sales budget to show fourth quarter sales of 900 tablets due to the expectation of increased holiday sales. (Click the icon to view the revised sales budget) Read the requirements. Requirement 1. Revise the schedule of budgeted cash receipts to include the increase in fourth quarter sales and the change in the timing of customer receipts. (If a box is not used in the table, leave the box empty: do not enter a zero. Round your answers to the nearest dollar.) Schdule of Cash Receipts from Customers - X X Reference More Info First Second Third Fourth Quarter Quarter Quarter Quarter Total Total sales Scholastic Learning 30 % in the quarter of the sale Second First Third Fourth Sales Budget 35% in quarter after the sale Quarter Quarter Quarter Quarter Total For the Year Ended December 31, 2019 33% two quarters after the sale Cash Receipts from Customers: Third First Second Fourth 2% never collected Accounts Receivable balance, December 31, 2018 Quarter Quarter Quarter Quarter Total 1st Qtr-Cash sales 450 1,200 Budgeted tablets to be sold 750 900 3,300 Print Done 1st Qtr.-Credit sales collected in 1st qtr. 450 S 450 $ 450 S 450 $ 450 Sales price per unit 1st Qtr.-Credit sales collected in 2nd qtr. 540,000 S 405,000 1.485,000 202,500 S 337,500 $ Total sales 1st Qtr-Credit sales collected in 3rd qtr. 2nd Qtr.-Cash sales Print Done 2nd Qtr.-Credit sales collected in 2nd qtr. 2nd Qtr.-Credit sales collected in 3rd qtr. Suppose a change in the receipt of cash from sales on account is as follows: (Click the icon to view the revised receipt of cash information.) Scholastic Learning had prepared the following sales budget, schedule of budgeted cash receipts, and cash budget for 2019 (Click the icon to view the original budgets.) sales budget to show fourth quarter sales of 900 tablets due to the expectation of increased holiday sales. Scholastic Learning decided to revise Read the requirements. (Click the icon to view the revised sales budget) 1st Qtr.-Cash sales 1st Qtr-Credit sales collected in 1st qtr. 1st Qtr-Credit sales collected in 2nd qtr. 1st Qtr-Credit sales collected in 3rd qtr. 2nd Qtr.-Cash sales 2nd Qtr.-Credit sales collected in 2nd qtr. 2nd Qtr.-Credit sales collected in 3rd qtr. 2nd Qtr.-Credit sales collected in 4th qtr. 3rd Qtr.-Cash sales 3rd Qtr-Credit sales collected in 3rd qtr. 3rd Qtr.-Credit sales collected in 4th qtr. 4th Qtr-Cash sales 4th Qtr-Credit sales collected in 4th qtr. Total cash receipts from customers Requirement 2. How will the changes in cash receipts affect the cassh budget? funds because of the in cash receipts. This will result in of interest expense and in net income for the year. Scholastic Leaming will need to borrow