Mansfield Imports, Inc. sells goods imported from the Europe. Using the second quarter's sales budget, Stan Farrell is trying to complete the schedule of cash receipts for the quarter. The company had accounts receivable of $155,000 on April 1. Mansfield Imports normally collects 100 percent of accounts receivable in the month following the month of sale.

Required
a. Help Mr. Farrell complete the schedule of cash receipts by filling in the missing amounts.
b. Determine the amount of accounts receivable the company will report on the quarterly pro forma balance sheet.

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Sales Aprll May June Sales Budget Cash sales Sales on account $ 80,000 284,000 $364,000 $ 90,000 $100,000 240,000 Total budgeted sales Schedule of Cash Recelpts Current cash sales Plus: Collections from accounts receivable Total budgeted collections $340,000 $255,000 x)000