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The budget director of Heather's Florist has prepared the following sales budget. The company had $350,000 in accounts receivable on July 1. Heather's Florist normally
The budget director of Heather's Florist has prepared the following sales budget. The company had $350,000 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 Required B Complete the schedule of cash receipts by filling in the missing amounts. July August September $ 79,000 $ 80,000 $ 72,000 97,000 104,000 119,600 $ 176,000 $ 184,000 $ 191,600 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 $ 429,000 $ 177,000 $ 176,000 Required A Required B Determine the amount of accounts receivable the company will report on its third quarter pro forma balance sheet. Accounts receivable
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