Exercise 7-3A (Algo) Preparing a schedule of cash receipts LO 7-2 The budget director of Heather's Florist has prepared the following sales budget. The company had $132,600 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. Sales Budget Cash sales Sales on account Total budgeted sales Schedule of Cash Receipts Current cash sales Plus: Collections from accounts receivable $ July 70,000 $ 97,000 $ 167,000 $ $ August 70,000 $ + September 82,000 $ 116,000 198,000 82,000 78,000 132,600 $ 210,600 $ 78,000

Exercise 7-3A (Algo) Preparing a schedule of cash receipts LO 7-2 The budget director of Heather's Florist has prepared the following sales budget. The company had $132,600 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. Sales Budget Cash sales Sales on account Total budgeted sales Schedule of Cash Receipts Current cash sales Plus: Collections from accounts receivable $ July 70,000 $ 97,000 $ 167,000 $ $ August 70,000 $ + September 82,000 $ 116,000 198,000 82,000 78,000 132,600 $ 210,600 $ 78,000

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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