In the coming year, Concord, Inc. will be introducing its first product, a wrist brace that protects serious video gamers from repetitive-motion injuries. The brace will be sold for $13.00 to retailers throughout the country. All sales will be made on account. An expected65% of sales will be collected within the quarter of the sale, and another 30% in the quarter following the sale. The remaining 5% ofcredit sales are expected to be uncollectible. The sales budget for the coming year is as follows:1st Quarter2nd Quarter3rd Quarter4th QuarterBudgeted sales units29,00041,00057,00077,000Prepare Concord, Inc's cash receipts budget for the coming year. (Enter answers in necessary fields only. Leave other fields blank. Do notenter 0. Round "Budgeted sale price" and "Cash Receipts Budgets" answers to 2 decimal places, eg. 52.75 and all other answers to 0 decimalplaces, e.g. 5,275.)

Solution:- Preparation of cash receipts budget as follows under:-

Answered: In the coming year, Concord, Inc. will…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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