The budget director of Heather\'s Florist has prepared the following sales budge

Question

The budget director of Heather's Florist has prepared the following sales budget. The company had $400,000 in accounts receivable 1. Heather's Florist normally collects 100 percent of accounts receivable in the month following the month of sale. on July 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 JulyAugostSeptember Sales Budget Cash sales Sales on account Total budgeted sales Schedule of Cash Receipts Current cash sales Plus Collections from accounts receivable Total budgeted collections S 66,000$76,000 129.600 S 157.000 S 169,000 $ 205.600 S 63,000 94,000 103,000 $ 463,000 160,000 179,000 Required B >

Explanation / Answer

July August September Sales Budget Cash sales $63,000 66000 76000 sales on Account 94000 103000 129600 Total Budgeted sales $157,000 $169,000 $205,600 Schedule of cash receipts Current cash sales $63,000 $66,000 $76,000 Plus collection from accounts receivable $400,000 94000 103000 Total budgeted collection $463,000 $160,000 $179,000 ans 2 Accounts Receivable $129,600 If any doubt please comment

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