The budget director of Natalia's Florist has prepared the following sales budget. The company had $230,000 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. 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 July Accounts receivable August September $ 67,000 $81,000 $ 89,000 99,000 112,000 134,600 $166,000 $193,000 $223,600 $297,000 $180,000 $201,000 b. Determine the amount of accounts receivable the company will report on its third quarter pro forma balance sheet.

The budget director of Natalia's Florist has prepared the following sales budget. The company had $230,000 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. 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 July Accounts receivable August September $ 67,000 $81,000 $ 89,000 99,000 112,000 134,600 $166,000 $193,000 $223,600 $297,000 $180,000 $201,000 b. Determine the amount of accounts receivable the company will report on its third quarter pro forma balance sheet.

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter4: Financial Planning And Forecasting

Section: Chapter Questions

Problem 4P

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