Bright Minds Toy Company prepared the following sales budget for the second quarter. Projected sales for each of the first three months of operations are as follows:
Sales Budget
April May June
Cash Sales 115,000 77,000 140,000
Sales on Account 455,000 500,000 490,000
570,000 577,000 630,000
Bright Minds expects to collect 70% of the sales on account in the month of sale, 20% in the month following the sale, and the remainder in the second month following the sale.
Required:
1. What is the amount of sales revenue that the company will report on the second quarter proforma income statement?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Bright Minds Toy Company prepared the following sales budget for the second quarter. Projected sales for each of the first three months of ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
In a company where manufacturing overhead is applied based on machine hours, $2,600 of overhead has been applied, while actual overhead is $2,800. Is overhead underallocated or overallocated and by how much?
Answers (1)
Suppose the market demand for pizza is given by: Qd = 300 - 20P Qs = 20P - 100 where P = price (per pizza). 1. Suppose the price of hamburgers, a subsitute for pizza, doubles. This leads to a doubling of the demand for pizza.
Answers (1)
Choose the best answer. The Maturity Risk Premium: Group of answer choices a. Is the premium reflecting the possibility of the failure of the borrower to pay its principal and interest payments on time. b.
Answers (1)
What command-prompt command do you use to determine if a drive has bad sectors?
Answers (1)
Steve earns $3,250 per month he pays federal and state income taxes of 26%. what is the dollar amount of his taxes per month
Answers (1)
New Questions in Business
Who should you' alert that you are interviewing for jobs? A. Your references B. Other possible employers C. Your classmates D. Your present employer
Answers (1)
Common allocation bases are a. direct labor dollars, direct labor hours, and machine dollars b. machine dollars, direct labor dollars, and direct labor hours c. direct labor dollars, direct labor hours, and machine hours d.
Answers (1)
George and Weezy received $30,200 of Social Security benefits this year ($12,000 for George; $18,200 for Weezy). They also received $5,000 of interest from jointly owned City of Ranburne Bonds and dividend income.
Answers (1)
Which of the following is true regarding the high-tech industry today? a. It generally depends on a pool of low-skilled labor. b. It has led to the increased economic development of previously rural areas. c.
Answers (1)
Presented below are three receivables transactions. Indicate whether these receivables are reported as accounts receivable, notes receivable, or other receivables on a balance sheet. -Sold merchandise on account for $64,000 to a customer.
Answers (1)