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
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