Reference no: EM131783335
Edwards Company has projected sales and production in units for the second quarter of the year as follows: Sales April 30,000 May 20,000 June 25,000
Production April 25,000 May 25,000 June 30,000
Assume that all units will be sold on account for $15 each.
Cash collections from sales are budgeted at 70% in the month of sale 20% in the month following the month of sale the remaining 10% in the second month following the month of sale
Accounts receivable on March 31 totaled $255,000 ($45,000 from February's sales and the remainder from March.)
Production (inventory) costs of $10 per unit are paid in the month after they are incurred. Edwards produced 27,000 units in March. Selling and administrative expenses (excluding depreciation) are budgeted to be 15% of each month's sales.
Prepare a schedule for budgeted cash receipts in April, May, and June for Edwards Company.
Calculate the accounts receivable balance as of June 30.
Prepare a schedule of cash disbursements in April, May, and June for Edwards Company. e Edwards Company wants to purchase equipment costing $50,000 some time in the second quarter. When should it make the purchase, assuming that it must pay immediately upon purchase?
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