Edge Imports, Inc., sells goods imported from the Far East. Using the second quarter€™s sales budget, Frank Bell is trying to complete the schedule of cash receipts for the quarter. The company had accounts receivable of $310,000 on April 1. Edge Imports normally collects 100 percent of accounts receivable in the month following the month of sale.

Required
a. Help Mr. Bell complete the schedule of cash receipts by filling in the missing amounts.
b. Determine the amount of accounts receivable the company will report on the quarterly pro forma balancesheet.

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Sales April May June Sales Budget Cash sales Sales on account Total budgeted sales Schedule of Cash Receipts Current cash sales Plus: Collections from accounts receivable $200,000 $160,000 $180,000 568,000 $680,000 $728,000 $680,000 480,000 500,000 Total budgeted collections $510,000 S640,000 $748,000