contestada

The budget director of Heather’s Florist has prepared the following sales budget. The company had $310,000 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:
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.


July August September
Sales Budget
Cash sales $40,000 $42,500 $45,000
Sales on account 45,000 54,000 64,800
Total budgeted sales $85,000 $96,500 $109,800
Schedule of Cash Receipts
Current cash sales $40,000 $42,500 $45,000
Plus: Collections from-
accounts receivable 50,000 45,000 54,000
Total budgeted-
collections $90,000 $87,500 $99,000

Respuesta :

Answer:

a. The preparation of the schedule of cash receipts by filling in the missing amounts is shown below:-

b. $64,800

Explanation:

a.                                       July       August        September

Sales Budget

Cash sales                       $40,000    $42,500       $45,000

Sales on account             $45,000  $54,000        $64,800

Total budgeted sales      $85,000   $96,500      $109,800

Schedule of Cash Receipts

Current cash sales         $40,000    $42,500       $45,000

Add: Collections from-

accounts receivable      $50,000    $45,000       $54,000

Total budgeted-

collections                     $90,000     $87,500        $99,000

b. 2) Account receivable will report on its third quarter balance sheet is $64,800

anthougo

1. The completion of the Schedule of Cash Receipts for Heather's Florist is as follows:

Schedule of Cash Receipts:

                                                                   July            August      September

Current cash sales                                  $40,000      $42,500       $45,000

Collections from  accounts receivable   310,000        45,000         54,000

Total budgeted collections               $350,000       $87,500      $99,000

2. The amount of the Accounts Receivable that Heather's Florist will report on its third-quarter Pro-forma Balance Sheet is $64,800.

Data and Calculations:

Accounts Receivable Balance on July 1 = $310,000

                                          July           August      September

Sales Budget:

Cash sales                     $40,000      $42,500       $45,000

Sales on account            45,000         54,000         64,800

Total budgeted sales   $85,000      $96,500     $109,800

The amount of the Accounts Receivable at the end of September is $64,800, representing the sales on account for the month, which will be collected 100% in October.

Learn more: https://brainly.com/question/16346203

Otras preguntas