value: 10.00 points The budget director of Natalia\'s Florist has prepared the f

Question

value: 10.00 points The budget director of Natalia's Florist has prepared the following sales budget. The company had $280,000 in accounts receivable on July 1. Natalia'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 filing in the missing amounts. July August September 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 63,000 65,000 $ 71,000 88,000112,000 123,600 $151,000 $ 177,000 $ 194,600 $343,000 $153,000 S183,000 b. Determine the amount of accounts receivable the company will report on its third quarter pro forma balance sheet Accounts receivable

Explanation / Answer

a. July August September Sales Budget Cash Sales 63,000 65,000 71,000 Sales on account 88,000 112,000 123,600 Total budgeted sales 151,000 177,000 194,600 Schedule of Cash Receipts current cash sales 63,000 65,000 71,000 plus:Collections from accounts receivable 280,000 88,000 112,000 total budgeted collections 343,000 153,000 183,000 Accounts receivable 123,600

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