Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The budget director of Heather's Florist has prepared the following sales budget. The company had $390,000 in accounts receivable on July 1. Heather's Florist
The budget director of Heather's Florist has prepared the following sales budget. The company had $390,000 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. Sales Budget Cash sales Sales on account Total budgeted sales Schedule of Cash Receipts July August September $ 64,000 $ 95.000 77,000 $ 86,000 $ 159,000 $ 100,000 177,000 $ 122.600 208.600 Current cash sales Plus Collections from accounts receivable Total budgeted collections $ 454,000 $ 172,000 $ 186,000 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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started