Bright Minds Toy Company prepared the following sales budget for the second quarter. Projected sales...
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Accounting
Bright Minds Toy Company prepared the following sales budget for the second quarter. Projected sales for each of the first three months of operations are as follows:
Sales Budget
April
May
June
Cash Sales
130,000
83,000
155,000
Sales on Account
470,000
512,000
505,000
600,000
595,000
660,000
Bright Minds expects to collect 70% of the sales on account in the month of sale, 20% in the month following the sale, and the remainder in the second month following the sale. What is the amount of sales revenue that the company will report on the second quarter pro forma income statement?
Multiple Choice
$1,855,000
$1,569,800
$1,687,000
$1,391,800
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