Hi there, I m pretty confident #1 is 465,500 but just needed some help with...
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Hi there, I m pretty confident #1 is 465,500 but just needed some help with the rest. Having it typed into an excel sheet would be best along with the formulas so I can see where I am going wrong, thanks!
Nordic Company Balance Sheet March 31, 2020 Assets Cash Accounts Receivable Inventory Buildings & equipment (net) $17,100 $91,200 $23,940 $406,790 $539,030 Total Assets $34,770 Liabilities & Owners' Equity Liabilities Accounts Payable Owners' Equity Capital Stock Retained earnings $361,000 $143,260 Total liab. & Owners' equity $539,030 Clue #1- Sales Budget The marketing department has estimated sales in units as follows: March (actual) 22,800 April 26,600 May 32,300 June 34,200 July 19,000 The selling price of each unit is $5. What are the total sales budgeted for the second quarter? Clue #2- Cash Collections Schedule Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following the sale. The accounts receivable at March 31 are a result of March credit sales. . What is the expected amount of cash to be collected in June? (Hint: You may want to calculate April and May also to help you later in the race.) Clue #3- Accounts Receivable What is the budgeted accounts receivable amount for June 30th? A
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