Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Solve both parts!!! The budget director of Heather's Florist has prepared the following sales budget. The company had $ 1 2 7 , 6 0

Solve both parts!!!
The budget director of Heather's Florist has prepared the following sales budget. The company had $127,600 in accounts receivable on July 1. Heather's Florist normally collects 100 percent of accounts receivable in the month following the month of sale.
Required
a. Complete the schedule of cash receipts by filling in the missing amounts.
b. Determine the amount of accounts receivable the company will report on its third quarter pro forma balance sheet.
Complete this question by entering your answers in the tabs below.
Required A
Required B
Complete the schedule of cash receipts by filling in the missing amounts.
\table[[Sales Budget,July,August,September],[,,,,,],[Cash sales.,$,73,000,$,69,000,$,73,000],[Sales on account,,82,000,,114,000,,127,600],[Total budgeted sales,$,155,000,$,183,000,$,200,600],[Schedule of Cash Receipts],[Current cash sales],[Plus: Collections from accounts receivable],[Total budgeted collections,$,200,600,$,151,000,$,187,000]]
image text in transcribed

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

Advanced Accounting

Authors: Susan S. Hamlen

4th Edition

1618532618, 9781618532619

More Books

Students also viewed these Accounting questions

Question

Why might an interviewer use this type of question?

Answered: 1 week ago

Question

Write a note on AGMARK.

Answered: 1 week ago

Question

Plan merit and demerits ?

Answered: 1 week ago

Question

Essential Elements of map ?

Answered: 1 week ago

Question

Evaluate common feachers of social reform movement in Kerala?

Answered: 1 week ago

Question

Name the biggest tragedy in Malabar rebellion?

Answered: 1 week ago