(8)0023The budget director of Heather's Florist has prepared the following sales budget. The company had $250,000 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 ARequired BDetermine the amount of accounts receivable the company will report on its third quarter pro forma balance sheet.Accounts receivable< Required ARequired B>< Prev2 of 5here to search(eD 回12insprt scdeletehomef2f4f561►DI中米$44num2.+ backspacelock5.9.3.R.ヨhomeenterH.K.pauseshiftC.N. (過)11%2400关%24%24%23The budget director of Heather's Florist has prepared the following sales budget. The company had $250,000 in accounts receivableon July 1. Heather's Florist normally collects 100 percent of accounts receivable in the month following the month of sale.Requireda. Complete the schedule of cash receipts by filling in the missing amounts.b. Determine the amount of accounts receivable the company will report on its third quarter pro forma balance sheet.Complete this question by entering your answers in the tabs below.Required ARequired BComplete the schedule of cash receipts by filling in the missing amounts.JulyAugustSeptemberSales Budget$ 000৮৪122,600Cash sales86,000$ 000'00000$154,000 $ 183,000Sales on account0000Total budgeted sales208,6002$Schedule of Cash ReceiptsCurrent cash salesPlus: Collections from accounts receivableTotal budgeted collections$ 320,000 $ 168,000$4185,000( Required ARequired B >37°Fre to search(f10f12insprt scdeletehomef481#3'num->backspacelock9.6.4.5.8.日enterH.pause

The budget is prepared to estimate the requirements for the future period.Part a. Schedule of cash receipts July August September Cash sales $70,000 $84,000 $86,000 Add: Collection from account receivables $250,000 $84,000 $99,000 Total budgeted collections $320,000 $168,000 $185,000 Part b. Account receivable balance for 3rd quarter = $122,600 (Credit sales of September)

Business

Accounting

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 August September Sales Budget Cash sales 70,000 $ 84,000 2$ 86,000 Sales on account 84,000 99,000 122,600 Total budgeted sales $154,000 $ 183,000 $ 208,600 Schedule of Cash Receipts Current cash sales Plus: Collections from accounts receivable Total budgeted collections $ 320,000 $ 168,000 $ 2$ 185,000

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 August September Sales Budget Cash sales 70,000 $ 84,000 2$ 86,000 Sales on account 84,000 99,000 122,600 Total budgeted sales $154,000 $ 183,000 $ 208,600 Schedule of Cash Receipts Current cash sales Plus: Collections from accounts receivable Total budgeted collections $ 320,000 $ 168,000 $ 2$ 185,000

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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Castor Incorporated is preparing its master budget. Budgeted sales and cash payments for merchandise purchases for the next three months follow. April $ 30,000 June Budgeted Sales Cash payments for merchandise purchases May $ 42,000 $ 26,000 24,200 14,800 13,500 Sales are 80% cash and 20% on credit. Sales in March were $26,000. All credit sales are collected in the month following the sale. The March 31 balance sheet includes balances of $14,000 in cash and $4,000 in loans payable. A minimum cash balance of $14,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $12,000. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. If a preliminary cash balance above $12,000 at month-end exists, loans are repaid from the excess. Expenses are paid in the month incurred and include sales commissions (10% of sales), shipping (4% of sales), office salaries ($7,000 per month), and rent ($5,000 per…
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a. Beginning cash balance on June 1, P85,300. b. Cash receipts from sales, P519,500. Budgeted cash disbursements for purchases, P274,500. C. d. Budgeted cash disbursements for salaries, P96,300. e. Other budgeted cash expenses, P58,300. f. Cash repayment of bank loan, P33,300. g. Budgeted depreciation expense, P35,300. Use the above information to determine the ending cash balance to be reported on the month ended June 30 cash budget.
(Use cells A4 to D7 and A10 to B30 from the given information in screenshot 1, as well as A3 to C34 from the Schedules and Cash Budget in screenshot 2 to complete this question.) Please provide me with the formulas needed to complete each cell that has a yellow background. thank you
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KAYAK COMPANYCash Budget JanuaryFebruaryMarchBeginning cash balance$30,000 $30,000 Add: Cash receipts525,000 400,000 450,000 Total cash available555,000 430,000 Less: Cash payments for All items excluding interest Interest on loan Total cash payments0 0 0 Preliminary cash balance Additional loan (loan repayment) Ending cash balance Loan balanceLoan balance - Beginning of month Additional loan (loan repayment) Loan balance, end of month$0 $0 $0
Paul's Pool Service provides pool cleaning, chemical application, and pool repairs for residential customers. Clients are billed weekly for services provided and usually pay 40 percent of their fees in the month the service is provided, In the month following service, Paul collects 50 percent of service fees. The final 10 percent is collected in the second month following service. Paul purchases his supplies on credit, and pays 50 percent in the month of purchase and the remaining 50 percent in the month following purchase. Of the supplies Paul purchases, 85 percent is used in the month of purchase, and the remainder is used in the month following purchase. The following information is available for the months of June, July, and August, which are Paul's busiest months: • June 1 cash balance $14,800. • June 1 supplies on hand $4,000. • June 1 accounts receivable $8,300. • June 1 accounts payable $3,900. · Estimated sales for June, July, and August are $24,900, $37,400, and $39,900,…
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Dilly Farm Supply is located in a small town in the rural west. Data regarding the store's operations follow: • Sales are budgeted at $305,000 for November, $325,000 for December, and $225,000 for January. • Collections are expected to be 65% in the month of sale and 35% in the month following the sale. The cost of goods sold is 80% of sales. • The company desires to have an ending merchandise inventory at the end of each month equal to 70% of the next month's cost of goods sold. Payment for merchandise is made in the month following the purchase. • Other monthly expenses to be paid in cash are $22,600. Monthly depreciation is $28,500. . Ignore taxes. Assets Cash: Balance Sheet October 31 Accounts receivable Merchandise inventory Property, plant and equipment, net of $624,000 accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity The difference between cash receipts and cash…