The corporation is a manufacturing Company

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The corporation is a manufacturing Company. The following information concerns operations for 2021:

1. The company’s single product sells for $8 per unit. Budgeted unit sales for the next four quarters are as follows (all sales are on credit):

	Quarter 1	Quarter 2	Quarter 3	Quarter 4
Budgeted unit sales	40,000	60,000	100,000	50,000

 

2. Sales are collected in the following pattern: 70% in the quarter the sales are made, and the remaining       30% in the following quarter. On January 1, 2021, the company’s balance sheet showed $75,000 in accounts receivable, all of which will be collected in the first quarter of the year. Bad debts are            negligible and can be ignored.

 

Required:

1- Prepare the sales budget for the 2021.

2- Prepare the expected cash collections schedule for 2021.

3- What is the expected accounts receivable balance on December 31, 2021?                   (13 marks)