Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Exercise 14-3 Preparing a schedule of cash receipts LO 14-2 The budget director of Heather's Florist has prepared the following sales budget. The company had

image text in transcribed
image text in transcribed
image text in transcribed
Exercise 14-3 Preparing a schedule of cash receipts LO 14-2 The budget director of Heather's Florist has prepared the following sales budget. The company had $290,000 in accounts receivable on July 1. Heather'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. b. Determine the amount of accounts receivable the company will report on its third quarter pro forma balance sheet. Complete this question by entering your answers in the tabs below. Required A Required B Complete the schedule of cash receipts by filling in the missing amounts. plete the schedule of cash receipts by filling in the mising amounts. July August September Sales Budget Cash sales Sales on account Total budgeted sales $ 62,000 99.000 $ 161,000 $ 84,000 $ 71,000 116,000 132,600 S 200,000 S 203,600 e o search 1 Required A Required B Complete the schedule of cash receipts by filling in the missing amounts. . July August September $ 62,000 99,000 S 161,000 $ 84,000 116,000 $ 200,000 $ 71,000 132,600 $ 203,600 Sales Budget Cash sales Sales on account Total budgeted sales Schedule of Cash Receipts Current cash sales Plus: Collections from accounts receivable Total budgeted collections 52,000 $ 183,000 $ 187,000 Required B > e to search Uli July 1. Reduci SPISE HILI LUIRLS FUPEILIUI OLLUULIS IULIVU HUCHILLI FONUWIITY UCHITULUI UI die. Required a. Complete the schedule of cash receipts by filling in the missing amounts. b. Determine the amount of accounts receivable the company will report on its third quarter pro forma balance sheet. Complete this question by entering your answers in the tabs below. Required A Required B Required 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

Oil And Gas Industry IRS Audit Technique Guide

Authors: Internal Revenue Service

1st Edition

1304113434, 978-1304113436

More Books

Students also viewed these Accounting questions