Bright Minds Toy Company prepared the following sales budget for the second quarter. Projected sales for each of the first three months of operations are as follows: Sales Budget April May Cash Sales 130,000 83,000 470,000 512,000 Sales on Account 600,000 595,000 Bright Minds expects to collect 70% of the sales on account in the month of sale, 20% in the month following the sale, and the remainder in the second month following the sale. What is the ending accounts receivable balance that would be reported on the pro forma balance sheet prepared as of June 30? Multiple Choice O $202,700 $149,500 $344,000 June 155,000 505,000 660,000 $106,400

Bright Minds Toy Company prepared the following sales budget for the second quarter. Projected sales for each of the first three months of operations are as follows: Sales Budget April May Cash Sales 130,000 83,000 470,000 512,000 Sales on Account 600,000 595,000 Bright Minds expects to collect 70% of the sales on account in the month of sale, 20% in the month following the sale, and the remainder in the second month following the sale. What is the ending accounts receivable balance that would be reported on the pro forma balance sheet prepared as of June 30? Multiple Choice O $202,700 $149,500 $344,000 June 155,000 505,000 660,000 $106,400

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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