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Category > Accounting Posted 30 Jul 2017 My Price 9.00

director of Ginger’s Florist

Exercise 14-3    Preparing a schedule of cash receipts

The budget director of Ginger’s Florist has prepared the following sales budget. The company had $300,000 in accounts receivable on July 1. Ginger’s Florist normally collects 100 percent of accounts receivable in the month following the month of sale.

 

 

Sales

Sales Budget

July

August

September

Cash sales

$ 70,000

$ 75,000

$ 80,000

Sales on account

   90,000

  108,000

  129,600

Total budgeted sales

$160,000

$183,000

$209,600

Schedule of Cash Receipts

Current cash sales

 

?

 

?

 

?

Plus collections from accounts receivable

      ?     

      ?     

      ?     

Total  budgeted collections

$370,000

$165,000

$188,000

 

 

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.

 

Answers

Maurice Tutor
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Status NEW Posted 30 Jul 2017 08:07 PM My Price 9.00

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