The budget director of Natalia's Florist has prepared the following sales budget. The company had $230,000 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. 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 July Accounts receivable August September $ 67,000 $81,000 $ 89,000 99,000 112,000 134,600 $166,000 $193,000 $223,600 $297,000 $180,000 $201,000 b. Determine the amount of accounts receivable the company will report on its third quarter pro forma balance sheet.

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Master Budget

A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making. 

Sales Budget and Selling

A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.