The budget director of Heather's Florist has prepared the following sales budget. The company had $260,000 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 A Required B Complete the schedule of cash receipts by filling in the missing amounts. July August September Sales Budget Cash sales $ 71,000 $ 71,000 $ 72,000 Sales on account Total budgeted sales 95,000 111,000 135,600 $ 166,000 $ 182,000 $ 207,600 Schedule of Cash Receipts Current cash sales Plus: Collections from accounts receivable Total budgeted collections $ 331,000 $ 166,000 $ 183,000 < Required A Required B >

Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the first quarter:   As of December 31 (the end of the prior quarter), the company’s general ledger showed the following account balances:             Cash $ 48,000     Accounts receivable   224,000     Inventory   60,000     Buildings and equipment (net)   370,000     Accounts payable     $ 93,000 Common stock       500,000 Retained earnings       109,000   $ 702,000 $ 702,000     Actual sales for December and budgeted sales for the next four months are as follows:         December(actual) $ 280,000 January $ 400,000 February $ 600,000 March $ 300,000 April $ 200,000     Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following sale. The accounts receivable at December 31 are a result of December…

Prepare a cash budget to Pasadena Home Health Agency for the months of May, June, and July. The company wishes to maintain a $200, 000 minimum cash balance during the period, and it presently has a $220, 000 balance as of April 30. Revenues are presented in the table below. Revenues for Pasadena Home Health Agency January $500,000 February $500,000 March $600,000 April $600,000 May $700, 000 June $800, 000 July $1,000,000 August $ 1,000,000 The agency collects 30% of its revenue in the month billing occurred, 30% in the next month, and 25% in the following month. The agency fails to collect 15% of its revenue because of either bad debt or contractual allowances. Expense budget relationships are presented below: Payroll = $50,000 per month plus 0.50 x revenues Supplies = 0.10 x revenues Rent = $50,000 per month Debt service = $150,000 in July Capital expenditures $75,000 in June Eighty percent of payroll expense is paid in the month this expense was incurred, and 20% is paid in the…

The budget director for Adams Cleaning Services prepared the following list of expected selling and administrative expenses. All expenses requiring cash payments are paid for in the month incurred except salary expense and insurance. Salary is paid in the month following the month in which it is incurred. The insurance premium for six months is paid on October 1. October is the first month of operations; accordingly, there are no beginning account balances. Required a. Complete the schedule of cash payments for S&A expenses by filling in the missing amounts. b. Determine the amount of salaries payable the company will report on its pro forma balance sheet at the end of the fourth quarter. c. Determine the amount of prepaid insurance the company will report on its pro forma balance sheet at the end of the fourth quarter. Complete this question by entering your answers in the tabs below. Req A Req B and C Complete the schedule of cash payments for S&A expenses by filling in the missing…