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Question - Tony Stark and Company has projected sales and production in units for the second quarter of the coming year as follows:
April
May
June
Sales
50,000
40,000
60,000
Production
Cash-related production costs are budgeted at $5 per unit produced. Of these production costs, 40% are paid in the month in which they are incurred and the balance in the following month. Selling and administrative expenses will amount to $100,000 per month. The accounts payable balance on March 31 totals $190,000, which will be paid in April.
All units are sold on account for $14 each. Cash collections from sales are budgeted at 60% in the month of sale, 30% in the month following the month of sale, and the remaining 10% in the second month following the month of sale. Accounts receivable on April 1 totaled $500,000 ($90,000 from February's sales and the remainder from March).
Required -
1. Prepare a schedule for each month showing budgeted cash disbursements for Tony Stark and Company.
2. Prepare a schedule for each month showing budgeted cash receipts for Tony Stark and Company.
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