awThe budget director of Heather's Florist has prepared the following sales budget. The company had $320,000 in accounts receivableon July 1. Heather's Florist normally collects 100 percent of accounts receivable in the month following the month of sale.Requireda. Complete the schedule of cash receipts by filling in the missing amounts.b. Determine the amount of accounts receivable the company will report on its third quarter pro forma balance sheet.Complete this question by entering your answers in the tabs below.Required A Required BComplete the schedule of cash receipts by filling in the missing amounts.JulyAugustSales BudgetCash salesSales on accountTotal budgeted salesSchedule of Cash ReceiptsCurrent cash salesPlus: Collections from accounts receivableTotal budgeted collections$September62,000 $ 84,000 $95,000 102,000$ 157,000 $ 186,00085,000124,600$209,600$ 382,000 $ 179,000 $ 187,000 ItranscriptThe budget director of Heather's Florist has prepared the following sales budget. The company had $320,000 in accounts receivableon July 1. Heather's Florist normally collects 100 percent of accounts receivable in the month following the month of sale.Requireda. 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 BDetermine the amount of accounts receivable the company will report on its third quarter pro forma balance sheet.Accounts receivable< Required ARequired S

w The budget director of Heather's Florist has prepared the following sales budget. The company had $320,000 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 Complete the schedule of cash receipts by filling in the missing amounts. July Required A 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 84,000 $ 85,000 62,000 $ 95,000 102,000 124,600 $209,600 $ 157,000 $ 186,000 $ 382,000 $ 179,000 $ 187,000

w The budget director of Heather's Florist has prepared the following sales budget. The company had $320,000 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 Complete the schedule of cash receipts by filling in the missing amounts. July Required A 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 84,000 $ 85,000 62,000 $ 95,000 102,000 124,600 $209,600 $ 157,000 $ 186,000 $ 382,000 $ 179,000 $ 187,000

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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Newman Medical Clinic has budgeted the following cash flows. January February March $101,000 $107,000 $127,000 Cash receipts Cash payments For inventory purchases For S&A expenses Newman Medical had a cash balance of $8,500 on January 1. The company desires to maintain a cash cushion of $6,000. Funds are assumed to be borrowed, in increments of $1,000, and repaid on the last day of each month; the interest rate is 2 percent per month. Repayments may be made in any amount available. Newman pays its vendors on the last day of the month also. The company had a monthly $40,000 beginning balance in its line of credit liability account from this year's quarterly results. Cash Budget Beginning cash balance Add: Cash receipt Cash available Less: Cash payments 90,500 31,500 Required Prepare a cash budget. (Any repayments/shortage should be indicated with a minus sign. Round your answers to the nearest whole dollar amount.) For inventory purchases For S&A expenses Interest expense per month…
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