The budget director of Heather\'s Florist has prepared the following sales budge

Question

The budget director of Heather's Florist has prepared the following sales budget. The company had $240,000 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 ARequired B Complete the schedule of cash receipts by filling in the missing amounts. July AugustSeptember 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 $ 71,000 82,000 $ 89,000 112,000 136,600 $160,000 $ 194,000$ 225,600 $311,000 $ 171,000 201,000

Explanation / Answer

Schedule of cash receipts

Account receivable at the end of third quarter = 136600

July August September Sales budget Cash sales 71000 82000 89000 Sales on account 89000 112000 136600 Total budgeted sales 160000 194000 225600 Schedule of cash receipts Current cash sales 71000 82000 89000 Plus : Collections from account receivable 240000 89000 112000 Total budgeted collection 311000 171000 201000

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