Question

Exercise 14-3 Preparing a schedule of cash receipts LO 14-2 The budget director of Heather's Florist has prepared the following sales budget. The company had $220,000 in accounts receivable on July 1. Heather'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 Complete this question by entering your answers in the tabs below. Required A Required B Complete the schedule of cash receipts by filling in the missing amounts. July August September Sales Budget Cash sales Sales on account Total budgeted sales Schedule of Cash Receipts Current cash sales Phi Chilotions from arrinte rorovanie $69.000 85.000 $ 154 000 $ 69.000 117.000 5 186 000 $ 73,000 124 600 $ 197,600 1

Answer 1

Requirement A July August September 69,000 69,000 73,000 85,000 117,000 124,600 154,000 186,000 197,600 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 69,000 69,000 220,000 85,000 289,000 154,000 73,000 117,000 190,000 Requirement B Accounts receviable 124,600