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 $250,000 in accounts receivable on July 1. Heather's Florist normally

image text in transcribed
image text in transcribed
The budget director of Heather's Florist has prepared the following sales budget. The company had $250,000 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. BOOK Hint Complete this question by entering your answers in the tabs below. Print ferences 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 $ 66,000 99,000 $ 165,000 $ 77,000 99.000 $ 170,000 $ 74,000 124,600 S 198,600 Total budgeted sales Schedule of Cash Receipts Current cash sales Plus: Collections from accounts receivable Total budgeted collections $ 316,000 S 176.000 173.000 Check my work The budget director of Heather's Florist has prepared the following sales budget. The company had $250,000 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 Requires 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

Research Methods In Accounting

Authors: Malcolm Smith

5th Edition

1526490676, 978-1526490674

More Books

Students also viewed these Accounting questions

Question

describe the key elements of work;

Answered: 1 week ago

Question

Explain the steps involved in training programmes.

Answered: 1 week ago

Question

What are the need and importance of training ?

Answered: 1 week ago

Question

What is job rotation ?

Answered: 1 week ago

Question

Has each action got a clear and measurable outcome?

Answered: 1 week ago

Question

Have you eliminated jargon and unexplained acronyms?

Answered: 1 week ago