Natalia's Florist's budget manager has prepared the following sales budget. The company had $100,000 in accounts receivable
Question:
Natalia's Florist's budget manager has prepared the following sales budget. The company had $100,000 in accounts receivable on July 1. Natalia's Florist normally collects 100 percent of the accounts receivable in the month following the month of sale.
Required:
a. | Complete the cash receipt schedule by filling in the missing amounts.
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b. | Determine the amount of accounts receivable that the company will report on its pro forma balance sheet for the third quarter. |
Fundamental Managerial Accounting Concepts
ISBN: 978-0078025655
7th edition
Authors: Thomas Edmonds, Christopher Edmonds, Bor Yi Tsay, Philip Old