The budget director of Heather's Florist has prepared the following sales budget. The company had $124,600 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. . 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 Cub 50.000 August September C 75.000 C 00.000

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The budget director of Heather's Florist has prepared the following sales budget. The company had $124,600 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.
July
August
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
$
69,000 $ 75,000 $
92,000 100,000
175,000 $
$ 161,000 $
September
< Required A
89.000
124,600
213.600
$ 193,600 $167,000 $ 189,000
Required B >
Transcribed Image Text:The budget director of Heather's Florist has prepared the following sales budget. The company had $124,600 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. July August 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 $ 69,000 $ 75,000 $ 92,000 100,000 175,000 $ $ 161,000 $ September < Required A 89.000 124,600 213.600 $ 193,600 $167,000 $ 189,000 Required B >
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