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

1. The completion of the Schedule of Cash Receipts for Heather's Florist is as follows:

Schedule of Cash Receipts:

                                                                   July            August      September

Current cash sales                                  $40,000      $42,500       $45,000

Collections from  accounts receivable   310,000        45,000         54,000

Total budgeted collections               $350,000       $87,500      $99,000

2. The amount of the Accounts Receivable that Heather's Florist will report on its third-quarter Pro-forma Balance Sheet is $64,800.

Data and Calculations:

Accounts Receivable Balance on July 1 = $310,000

                                          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

The amount of the Accounts Receivable at the end of September is $64,800, representing the sales on account for the month, which will be collected 100% in October.

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a. The preparation of the schedule of cash receipts by filling in the missing amounts is shown below:-

b. $64,800

Explanation:

a.                                       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

Add: Collections from-

accounts receivable      $50,000    $45,000       $54,000

Total budgeted-

collections                     $90,000     $87,500        $99,000

b. 2) Account receivable will report on its third quarter balance sheet is $64,800

b. a single paragraph.

a paragraph is a series of sentences that are organized and make sense, and are all related to a single topic . almost every piece of writing you do that is longer than a few sentences should be organized into paragraphs. this is because paragraphs show a reader where the subdivisions of an essay begin and end, and thus the reader see the organization of the essay into subjects in order to be able to understand its main points.