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 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.
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter9: Profit Planning And Flexible Budgets
Section: Chapter Questions
Problem 72P: Cash Budget The controller of Feinberg Company is gathering data to prepare the cash budget for...
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Transcribed Image Text:The budget director of Heather's Florist has prepared the following sales budget. The company had $50,000 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
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
$
$
August September
40,000 $ 42,500 $ 45,000
45,000
54,000 64,800
85,000 $ 96,500 $ 109,800
$ 90,000 $ 87,500 $ 99,000
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