The budget director of Mandy's Kitchen Shop has prepared the following sales budget. The company had $50,000 of accounts receivable at January 1. The company normally collects 100 percent of its accounts receivable in the month following the sale.
Required:
(a) Complete the schedule of cash receipts by filling in the missing amounts. What are the total budgeted cash receipts for the first quarter.
(b) Determine the amount of accounts receivable that Mandy's should report on the first quarter pro forma balance sheet.

Question

The budget director of Mandy's Kitchen Shop has prepared the following sales budget. The company had $50,000 of accounts receivable at January 1. The company normally collects 100 percent of its accounts receivable in the month following the sale.  
Required:
(a) Complete the schedule of cash receipts by filling in the missing amounts. What are the total budgeted cash receipts for the first quarter.
(b) Determine the amount of accounts receivable that Mandy's should report on the first quarter pro forma balance sheet.

Quizplus · Accepted Answer

The Answer of The budget director of Mandy's Kitchen Shop has prepared the following sales budget. The company had $50,000 of accounts receivable at January 1. The company normally collects 100 percent of its accounts receivable in the month following the sale.  
Required:
(a) Complete the schedule of cash receipts by filling in the missing amounts. What are the total budgeted cash receipts for the first quarter.
(b) Determine the amount of accounts receivable that Mandy's should report on the first quarter pro forma balance sheet.

The Budget Director of Mandy's Kitchen Shop Has Prepared the Following