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.

	July	August	September
sales budget
cash sales	$ 80,000	$ 85,000	$ 90,000
sales on account	$ 90,000	$ 108,000	$ 129,600
total budgeted sales	$ 170,000	$ 193,000	$ 219,600
cash receipts schedule
current cash sales
Further: Collections of accounts receivable
Total budgeted collections	$ 180,000	$ 175,000	$ 198,000

b.	Determine the amount of accounts receivable that the company will report on its pro forma balance sheet for the third quarter.

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Answer rating: 100% (QA)

Lets calculate the missing amounts a Cash Receipts Schedule July Current cash sales Cash sales Sales ... View the full answer