26. Sales level in units that Ender must reach to earn a profit of $182,400. The
ID: 2497354 • Letter: 2
Question
26. Sales level in units that Ender must reach to earn a profit of $182,400.
The budget director of Natalia’s Florist has prepared the following sales budget. The company had $380,000 in accounts receivable on July 1. Natalia’s Florist normally collects 100 percent of accounts receivable in the month following the month of sale.
Complete the schedule of cash receipts by filling in the missing amounts.
JULY AUGUST SEPTEMBER
SALES BUDGET
Cash Sales $62,000 $83,000 $78,000
Sales on account $88,000 $99,000 $134,600
Total budgeted sales $150,000 $182,000 $212,600
SCHEDULE OF CASH RECEIPTS
Current cash sales ________ _________ ___________
PLUS: collection from accounts
receivables ________ ________ ___________
Total budgeted collections $442,000 $171,000 $177,000
b. Determine the amount of accounts receivable the company will report on its third quarter pro forma balance sheet.
26. Sales level in units that Ender must reach to earn a profit of $182,400.
The budget director of Natalia’s Florist has prepared the following sales budget. The company had $380,000 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 $62,000 $83,000 $78,000
Sales on account $88,000 $99,000 $134,600
Total budgeted sales $150,000 $182,000 $212,600
SCHEDULE OF CASH RECEIPTS
Current cash sales ________ _________ ___________
PLUS: collection from accounts
receivables ________ ________ ___________
Total budgeted collections $442,000 $171,000 $177,000
b. Determine the amount of accounts receivable the company will report on its third quarter pro forma balance sheet.
Explanation / Answer
a)
b) Accounts receivable on third quarter $ 134600
Schedule of Cash receipts July August September Current Cash Sales 62,000 83,000 78,000 Add: Collection from Accounts receivable 380,000 88,000 99,000 Total Budgeted Collection 442,000 171,000 177,000Related Questions
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