Question

The budget director of Natalia's Florist has prepared the following sales budget. The company had $370,000 in accounts receivable on July 1. Natalia'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. July August September Sales Budget 69,000 67,000 79,000 Cash sales 110,000 119,600 Sales on account 81,000 $150,000 $177,000 198,600 Total budgeted sales Schedule of Cash Receipts Current cash sales Plus: Collections from accounts receivable $439,000 148,000189,000 Total budgeted collections

Answer 1

Required: a July August September 69000 81000 150000 67000 110000 177000 79000 119600 198600 Sales Budget Cash sales Sales on account Total budgeted sales Schedule of cash Receipts Current cash sales Plus: Collection from accounts receivable Total budgeted Collections 69000 370000 439000 67000 81000 148000 79000 110000 189000 Required: b Account receivable 119600