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Take me to the text Buildup Sports Inc. is a retailer of clothing and sports equipment. The following is Buildup Sports sales forecast by quarter
Take me to the text Buildup Sports Inc. is a retailer of clothing and sports equipment. The following is Buildup Sports sales forecast by quarter for the upcoming year. Buildup Sports Inc. Forecasted Sales For the Year Ended December 31, 2021 02 Q3 Sales $123,000 $277,000 $338,000 $248,000 $986,000 Q1 Q4 Total In addition, sales in Q3 and 4 of 2020 totaled 5132,000 and $213,000 respectively. According to the company's sales records, 58% of sales are made in cash and the remaining 12% are made on account (ie. credit sales), Assume the following historical trends were noted by management regarding credit sales 55% of credit customers pay during the quarter in which the sale took place 28% of credit customers pay in the quarter immediately following the quarter of sale 10% of credit customers pay in the second quarter following the quarter of sale The remaining 7% of credit sales are uncollectible Do not enter dollar signs or commas in the input boxes Round your answers to the nearest whole number b) Prepare the cash receipts section of the 2021 cash budget (on a quarterly basis) Buildup Sports Inc. Cash Receipts For the Year Ended December 31, 2021 Q1 Q2 Q3 04 Total Cash Sales $71340 S 160660 $ 196040 > 143840 $1571880 Current Collections (55%) $ 28413 $63987 S78078 $ 57288 S 227766 Previous Quarter Collection (28%) $ $ S S Two Previous Quarter Collection (10%) $ Total Cash Receipts $ S $
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