Module 4 Chapter 7 Mary Massengill.xls - Student Name Mary...

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Student Name: Mary Massengill Class: Managerial Accounting Problem 07-23A UNIVAX, INC. 1a. Schedule of expected cash collections: Year 2 Quarter First Second Third Fourth Total Year 1 - Fourth quarter sales: $ 195,000 $ 195,000 Year 2 - First quarter sales: 132,000 260,000 392,000 Year 2 - Second quarter sales: 165,000 $ 325,000 490,000 Year 2 - Third quarter sales: 198,000 $ 390,000 588,000 Year 2 - Fourth quarter sales: 158,400 158,400 Total cash collections $ 327,000 $ 425,000 $ 523,000 $ 548,400 $ 1,823,400 Correct! Correct! Correct! Correct! Correct! 1b. Schedule of budgeted cash disbursements for merchandise purchases: Year 2 Quarter First Second Third Fourth Total Year 1 - Fourth quarter purchases: $ 144,000 $ 144,000 Year 2 - First quarter purchases: 52,000 $ 208,000 260,000 Year 2 - Second quarter purchases: 62,000 $ 248,000 310,000 Year 2 - Third quarter purchases: 74,000 $ 296,000 370,000 Year 2 - Fourth quarter purchases: 48,000 48,000 Total cash disbursements $ 196,000 $ 270,000 $ 322,000 $ 344,000 $ 1,132,000 Correct! Correct! Correct! Correct! Correct! 2. Budgeted selling and administrative expenses: Year 2 Quarter First Second Third Fourth Year Budgeted sales 400,000 $ 500,000 $ 600,000 $ 480,000 $ 1,980,000 Variable expense rate 12% 12% 12% 12% 12% Variable expenses $ 48,000 $ 60,000 $ 72,000 $ 57,600 $ 237,600 Fixed expenses 90,000 90,000 90,000 90,000 360,000 Total expenses

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