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Complete the schedule of cash receipts by filling in the missing amounts. Determine the amount of accounts receivable the company will report on its third quarter pro forma balance sheet.

Complete the schedule of cash receipts by filling in the missing amounts. Determine the amount of accounts receivable the company will report on its third quarter pro forma balance sheet.

FINANCIAL ACCOUNTING
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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The budget director of Heather's Florist has prepared the following sales budget. The company had $50,000 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 Required B Complete the schedule of cash receipts by filling in the missing amounts. July 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 $ $ August September 40,000 $ 42,500 $ 45,000 45,000 54,000 64,800 85,000 $ 96,500 $ 109,800 $ 90,000 $ 87,500 $ 99,000
Transcribed Image Text:The budget director of Heather's Florist has prepared the following sales budget. The company had $50,000 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 Required B Complete the schedule of cash receipts by filling in the missing amounts. July 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 $ $ August September 40,000 $ 42,500 $ 45,000 45,000 54,000 64,800 85,000 $ 96,500 $ 109,800 $ 90,000 $ 87,500 $ 99,000
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