Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Could you do a breakdown of Part B please? The budget director of Natalia's Florist has prepared the following sales budget. The company had $340,000

image text in transcribed

Could you do a breakdown of Part B please?

The budget director of Natalia's Florist has prepared the following sales budget. The company had $340,000 in accounts receivable on July 1. Natalia's Florist normally collects 100 percent of accounts receivable in the month following the month of sale. Required a. Complete the schedule of cash receipts by filling in the missing amounts. July August September Sales Budget Cash sales $ 68,000 $ 76,000 $ 67,000 86,000 Sales on account 100,000 136,600 Total budgeted sales $ 153,000 $ 168,000 $ 212,600 Schedule of Cash Receipts Current cash sales $ 67,000 $ 68,000 $ 76,000 Plus: Collections from accounts receivable 86,000 100,000 340,000 $ 407,000 Total budgeted collections $ 154,000 $ 176,000 b. Determine the amount of accounts receivable the company will report on its third quarter pro forma balance sheet. Accounts receivable

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Connect For Financial Accounting Fundamentals

Authors: Author

8th Edition

126411169X, 9781264111695

More Books

Students also viewed these Accounting questions