QS 20-22 Computing budgeted accounts receivable LO P2 Kingston anticipates total sales for June and July of $350,000 and $438,000, respectively. Cash sales are normally 65% of total sales. of the credit sales, 15% are collected in the same month as the sale, 60% are collected during the first month after the sale, and the remaining 25% are collected in the second month after the sale. Determine the amount of accounts receivable reported on the company's budgeted balance sheet as of July 31. As of July 31 Percent Still Amount Uncollected Uncollected Salas month Total Sales Credit Sales $ June July Total 350,000 438,000 Use the following information to prepare the September cash budget for PIO Co. The following information relates to expected cash receipts and cash payments for the month ended September 30. a. Beginning cash balance, September 1, $46,000. b. Budgeted cash receipts from sales in September, $257,000. c. Raw materials are purchased on account. Purchase amounts are August (actual), $79,000, and September (budgeted). $104,000 Payments for direct materials are made as follows: 65% in the month of purchase and 35% in the month following purchase. d. Budgeted cash payments for direct labor in September. $37.000. e. Budgeted depreciation expense for September, $3,200. f. Other cash expenses budgeted for September. $59.000. g. Accrued income taxes payable in September, $11,000. h. Bank loan interest payable in September, $1.100. . 0 PTO MANUFACTURING COMPANY Cash Budget For Month Endod September 30 Beginning cash balance Cash receipts from sales Total cash available $ Cash payments for Direct materials Direct labor Other expenses Accrued taxes Interest on bank loan Total cash payments Ending cash balance 0 0 QS 20-19 Cash receipts LO P2 Music World reports the following sales forecast: August, $150,000; and September, $240,000. Cash sales are normally 50% of total sales and all credit sales are expected to be collected in the month following the date of sale. Prepare a schedule of cash receipts for September MUSIC WORLD Cash Receipts Budget For Month Ended September 30 September cash sales Collection of accounts receivable Total budgeted cash receipts $ 0