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The budget director of Heather’s Florist has prepared the following sales budget. The company had $210,000 in accounts receivable on July 1. Heather’s Florist normally collects 100 percent of accounts receivable in the month following the month of sale. a. Complete the schedule of cash receipts by filling in the missing amounts.
Complete the schedule of cash receipts by filling in the missing amounts. July August September Sales Budget Cash sales $72,000 $83,000 $75,000 Sales on account 86,000 107,000 130,600 Total budgeted sales $158,000 $190,000 $205,600 Schedule of Cash Receipts Current cash sales Plus: Collections from account receivable Total budgeted collections $282,000 $169,000 $182,000
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