The budget director of Heather's Florist has prepared the following sales budget. The company had $310,000 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:
Complete the schedule of cash receipts by filling in the missing amounts.
Determine the amount of accounts receivable the company will report on its third-quarter pro forma balance sheet.
July August September
Sales Budget
Cash sales $40,000 $42,500 $45,000
Sales on account 45,000 54,000 64,800
Total budgeted sales $85,000 $96,500 $109,800
Schedule of Cash Receipts
Current cash sales $40,000 $42,500 $45,000
Plus: Collections from-
accounts receivable 50,000 45,000 54,000
Total budgeted-
collections $90,000 $87,500 $99,000
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “The budget director of Heather's Florist has prepared the following sales budget. The company had $310,000 in accounts receivable on July ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Lee, a salesperson for Macro Corporation, learns that Macro will increase the dividend it pays to shareholders. Lee buys 1,000 shares of Macro stock. When the price increases, Lee sells his shares for a profit.
Answers (1)
On December 31, Mercury Corporation has the following data available: Net Income $180,000 Interest expense 10,000 Total assets at the beginning of the year 810,000 Total assets at the end of the year 740,000 Total common stockholders' equity at the
Answers (1)
Simon templeton takes out $30,000 of a ten-year term life insurance when he is forty-five years old. a. annual premium b. quarterly premium
Answers (2)
What are the three major elements of product costs in a manufacturing company?
Answers (1)
Brittany Furniture manufactures two products: Couches and Beds. The following data are available: Couches Beds Sales price $700.00 $900.00 Variable costs $350.00 $400.
Answers (1)
New Questions in Business
Which of the following is a factor to be considered in determining a limited-life intangible asset's useful life? (a) Any legal provisions that may limit the useful life. (b) The expected useful life of any related asset.
Answers (1)
If you see a large group of stranded passengers standing next to a disabled bus, and you have only three seats in your car, deciding who to rescue deals with the issue of:a) efficiencyb) equityc) scarcityd) macroeconomics
Answers (1)
Nonprofit organizations differ from profit organizations in that nonprofit organizations: Group of answer choices target the niches that may be most profitable.
Answers (1)
1. The closing entry for the Loss on Plant Assets account includes a debit to (A) Retained Earnings. (B) Income Summary. (C) Loss on Plant Assets. (D) Gain on Plant Assets.
Answers (1)
An employee earns $2,000.00 per month in gross pay, but pays $104.36 for health insurance, 9% in federal taxes, for state taxes, and 2% for local taxes. What is the employee's net pay?
Answers (1)