Answered step by step
Verified Expert Solution
Link Copied!

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

image text in transcribedimage text in transcribed

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

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

Accounting What the Numbers Mean

Authors: David H. Marshall, Wayne W. McManus, Daniel F. Viele,

9th Edition

978-0-07-76261, 0-07-762611-7, 9780078025297, 978-0073527062

More Books

Students also viewed these Accounting questions

Question

Who enforces the GLBA?

Answered: 1 week ago