# ashford_acc_401_week_4_dq_1_tax_cr...

May 15th, 2015
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ashford_acc_401_week_4_dq_1_tax_cr...

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Exercise 14-2 a.Sales BudgetJanuaryFebruaryMarchCash sales\$ 40,000 \$ 44,000 \$ 48,400 Sales on account100,000 110,000 121,000 Total budgeted sales\$140,000 \$154,000 \$169,400 b.The amount of sales revenue appearing on the 1st quarter income statement is the sum of the monthly amounts (\$140,000 + \$154,000 + \$169,400 = \$463,400).Exercise 14-7a.Inventory Purchases BudgetJanuaryFebruaryMarchBudgeted cost of goods sold\$50,000 \$ 54,000 \$60,000 Plus: Desired ending inventory5,400 6,000 7,500 Total inventory needed55,400 60,000 67,500 Less: Beginning inventory5,000 5,400 6,000 Required purchases (on account)\$50,400 \$ 54,600 \$61,500 b.The amount of cost of goods sold appearing on the first quarter pro forma income statement is the sum of the monthly amounts (\$50,000 + \$54,000 + \$60,000 = \$164,000).c. Since the

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