Assets Liabilities & Owners' Equity Liabilities Owners' Equity . Cash Accounts Receivable Inventory Buildings & equipmen

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Assets Liabilities Owners Equity Liabilities Owners Equity Cash Accounts Receivable Inventory Buildings Equipmen 1 (45.56 KiB) Viewed 32 times

Assets Liabilities Owners Equity Liabilities Owners Equity Cash Accounts Receivable Inventory Buildings Equipmen 2 (37.64 KiB) Viewed 32 times

Assets Liabilities Owners Equity Liabilities Owners Equity Cash Accounts Receivable Inventory Buildings Equipmen 3 (36.03 KiB) Viewed 32 times

Assets Liabilities Owners Equity Liabilities Owners Equity Cash Accounts Receivable Inventory Buildings Equipmen 4 (25.2 KiB) Viewed 32 times

Assets Liabilities & Owners' Equity Liabilities Owners' Equity . Cash Accounts Receivable Inventory Buildings & equipment (net) . Accounts Payable Nordic Company Balance Sheet March 31, 2020 Capital Stock Retained earnings Total liab. & Owners' equity IMPORTANT instructions! When entering your answers, make sure you format them in WITHOUT the $. For example: Total Assets Positive Numbers: 123,000 NOT $123,000. Negative Numbers: (123,000) NOT ($123,000) $15,750 $84,000 $22,050 $374,675 $496,475 $32,025 $332,500 $131,950 $496,475

Clue #1- Sales Budget The marketing department has estimated sales in units as follows: March (actual) 21,000 April 24,500 May June July 29,750 31,500 17,500 The selling price of each unit is $5. What are the total sales budgeted for the second quarter? Hide hint for Question 1 Hint #1: Sales are reported in dollars. Hint #2: Hint #3: How many months are in a quarter? Check figure: May sales $148,750.

Clue #2- Cash Collections Schedule Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following the sale. The accounts receivable at March 31 are a result of March credit sales. What is the expected amount of cash to be collected in June? (Hint: You may want to calculate April and May also to help you later in the race.) Hide hint for Question 2 Hint #1: Carefully consider the timing of the CASH payments. Organize the information into a complete schedule. Hint #2: Check figure: April collections - $108,500 Hint #3:

Clue #3- Accounts Receivable What is the budgeted accounts receivable amount for June 30th? Hide hint for Question 3 A/ Hint #1: Differentiate between cash and credit sales. Hint #2: Think about WHEN credit sales are collected. (timing!) Hint #3: Check figure: Total Accounts Receivable May 31 $119,000