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 $370,000 in accounts receivable on July 1. Heather's Florist normally

image text in transcribedimage text in transcribed

The budget director of Heather's Florist has prepared the following sales budget. The company had $370,000 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. July August September Sales Budget Cash sales Sales on account Total budgeted sales Schedule of Cash Receipts $ 65,000 $ 85,000 $ 150,000 $ 67,000 $ 88,000 114,000 121,600 181,000 $ 209,600 Current cash sales Plus: Collections from accounts receivable Total budgeted collections $ 435,000 $ 152,000 $ 202,000 Required A Required B Determine the amount of accounts receivable the company will report on its third quarter pro forma balance sheet. Accounts receivable

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: Joe Hoyle, Thomas Schaefer, Timothy Doupnik

10th edition

0-07-794127-6, 978-0-07-79412, 978-0077431808

Students also viewed these Accounting questions