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The budget director of Natalia's Florist has prepared the following sales budget. The company had $370,000 in accounts receivable on July 1. Natalia's Florist normally
The budget director of Natalia's Florist has prepared the following sales budget. The company had $370,000 in accounts receivable on July 1. Natalia'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. July August September Sales Budget Cash sales $ 67,000 $ 73,000 $ 76,000 Sales on account 98,000 109,000 135,600 $ 182,000 $ 211,600 Total budgeted sales $ 165,000 Schedule of Cash Receipts Current cash sales Plus: Collections from accounts receivable Total budgeted collections $437,000 $ 171,000 $ 185,000 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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