The budget director of Ginger's Florist has prepared the following sales budget. The company had $300,000 in
Question:
The budget director of Ginger's Florist has prepared the following sales budget. The company had $300,000 in accounts receivable on July
1. Ginger'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.
Transcribed Image Text:
September July August 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 $ 80,000 129,600 $ 70,000 108,000 $183,000 $160,000 $209,600 $165,000 $188,000 $370,000
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a Schedule of Cash Receipts July August September Current cash sales 70000 7500...View the full answer
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Related Book For
Fundamental Managerial Accounting Concepts
ISBN: 978-0078110894
6th Edition
Authors: Edmonds, Tsay, olds
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