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

Required
a. Help Mr. Yao 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 balance sheet.

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April May Sales June Sales Budget Cash sales Sales on account Total budgeted sales Schodule of Cash Receipts Current cash sales Plus: Collections from accounts receivable Total budgeted collections S120,000 480,000 S600,000 $140,000 $150,000 500,000 $708,000 $650,000 S410,000 $604,000 $704,000