29 Jun Question Peak sales for Midwest Products, a w
Question
Peak sales for Midwest Products, a wholesale distributor of leaf rakes, occur in August. The company’s sales budget for the third quarter showing these peak sales is given below:
May June July August September Total
Budgeted Sales (All on Account) $5,84,000 $7,52,000 $4,68,000 $18,04,000
Actual Sales (All on Account) $4,33,000 $5,04,000
Total Sales $4,33,000 $5,04,000 $5,84,000 $7,52,000 $4,68,000 $27,41,000
From past experience, the company has learned that 25% of a month’s sales are collected in the
month of sale, another 65% are collected in the month following the sale, and the remaining 10% are
collected in the second month following the sale. Bad debts are negligible and can be ignored.
2
Assume that the company will prepare a budgeted balance sheet as of September 30. Compute the A/R as of that date.
3
Crystal telecom has budgeted the sales of its innovative mobile phone over the next four months as follows:
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