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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 $6 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 $120,000 per month. The accounts payable balance on March 31 totals $220,000, which will be paid in April.
All units are sold on account for $15 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 $600,000 ($100,000 from February's sales and the remainder from March).
a. Show a schedule for each month showing budgeted cash disbursements for Clay Company.
b. Show a schedule for each month showing budgeted cash receipts for Clay Company.
The entity has an option to purchase the machine on January 1, 2029 by paying P400,000. Prepare journal entries on the books of Pau Company
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