Prepare a quarterly schedule of cash receipts budget for PEPSICompany for the year ended...

Free

50.1K

Verified Solution

Question

Accounting

Prepare a quarterly schedule of cash receipts budget for PEPSICompany for the year ended December 31, 2021, including thefollowing schedules:
Sales Budget (ALREADY DONE) & Schedule ofCash Receipts (NEED HELP WITH THIS)
Pepsi Company
Sales Budget
For Year ended December 31,2021
Q1 Q2 Q3 Q4 Total
Budgeted Sales in units 4,500 16,500 6,000 3,000 30,000
Selling Price per unit $290 $290.00 $290.00 $290.00 $290
Total budgeted sales $1,305,000 $4,785,000.00 $1,740,000.00 $870,000.00 $8,700,000
Relevant Info
Dougs sales forecast consisted of these few lines:
For the year ended December 31, 2020: 26,000 units at $290.00eac
For the year ended December 31, 2021: 30,000 units at $290.00each
For the year ended December 31, 2022: 33,000 units at $290.00each
History has shown that sales areseasonal, with 55% of sales occurring in the second quarter, 20% inthe third quarter, 15% in the first quarter, and the remaining 10%in the last quarter.
Sales are on a cash and credit basis,with 40% collected in cash. 60% of Credit sales are collectedduring the quarter of the sale, and 36% of credit sales arecollected in the following quarter. The remainder areuncollectible.
Cash
$     97,625
Accounts receivable
162,864
Inventory-raw materials
76,950
Inventory-finished goods (450 units)
106,142
Prepaid insurance
           45,000
Prepaid prop. tax
           16,000
Capital assets
$1,695,000
Less: Acc. Dep.
      820,000
875,000
$ 1,379,581
Accounts payable
$ 58,077
Income tax payable
         32,500
Capital stock
    800,000
Retained earnings
489,004
$ 1,379,581
Will provide more info if needed.Thanks

Answer & Explanation Solved by verified expert

3.9 Ratings (711 Votes)

PEPSI Company						Calculation
Schedule of cash receipts
Req 1	Q1	Q2	Q3	Q4	Total	Q1	Q2	Q3	Q4
Cash sales	522,000	1,435,500	522,000	261,000	2,740,500	1305000*40%	4785000*40%	1740000*40%	870000*40%
Credit sales collected during quarter of sale	469,800	1,722,600	626,400	313,200	3,132,000	130500060%60%	478500060%60%	174000060%60%	87000060%60%
Credit sales collected in following quarter	162,864	281,880	1,033,560	375,840	1,854,144	As per balance sheet	130500060%36%	478500060%36%	174000060%36%
Total cash collections	1,154,664	3,439,980	2,181,960	950,040	7,726,644

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member

Transcribed Image Text

In: AccountingPrepare a quarterly schedule of cash receipts budget for PEPSICompany for the year ended December...Prepare a quarterly schedule of cash receipts budget for PEPSICompany for the year ended December 31, 2021, including thefollowing schedules:Sales Budget (ALREADY DONE) & Schedule ofCash Receipts (NEED HELP WITH THIS)Pepsi CompanySales BudgetFor Year ended December 31,2021Q1Q2Q3Q4TotalBudgeted Sales in units4,50016,5006,0003,00030,000Selling Price per unit$290$290.00$290.00$290.00$290Total budgeted sales$1,305,000$4,785,000.00$1,740,000.00$870,000.00$8,700,000Relevant InfoDougs sales forecast consisted of these few lines:For the year ended December 31, 2020: 26,000 units at $290.00eacFor the year ended December 31, 2021: 30,000 units at $290.00eachFor the year ended December 31, 2022: 33,000 units at $290.00eachHistory has shown that sales areseasonal, with 55% of sales occurring in the second quarter, 20% inthe third quarter, 15% in the first quarter, and the remaining 10%in the last quarter.Sales are on a cash and credit basis,with 40% collected in cash. 60% of Credit sales are collectedduring the quarter of the sale, and 36% of credit sales arecollected in the following quarter. The remainder areuncollectible.Cash$ 97,625Accounts receivable162,864Inventory-raw materials76,950Inventory-finished goods (450 units)106,142Prepaid insurance 45,000Prepaid prop. tax 16,000Capital assets$1,695,000Less: Acc. Dep. 820,000875,000$ 1,379,581Accounts payable$ 58,077Income tax payable 32,500Capital stock 800,000Retained earnings489,004$ 1,379,581Will provide more info if needed.Thanks

			Pepsi Company
			Sales Budget
		For Year ended December 31,2021

	Q1	Q2	Q3	Q4	Total
Budgeted Sales in units	4,500	16,500	6,000	3,000	30,000
Selling Price per unit	$290	$290.00	$290.00	$290.00	$290
Total budgeted sales	$1,305,000	$4,785,000.00	$1,740,000.00	$870,000.00	$8,700,000

Cash		$ 97,625
Accounts receivable		162,864
Inventory-raw materials		76,950
Inventory-finished goods (450 units)		106,142
Prepaid insurance		45,000
Prepaid prop. tax		16,000
Capital assets	$1,695,000
Less: Acc. Dep.	820,000	875,000
		$ 1,379,581

Accounts payable		$ 58,077
Income tax payable		32,500
Capital stock		800,000
Retained earnings		489,004
		$ 1,379,581