Nikkis Bakery has prepared the following sales budget. The company had $18,000 of accounts receivable...
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Accounting
Nikkis Bakery has prepared the following sales budget. The company had $18,000 of accounts receivable at January 1. The company normally collects 100 percent of its accounts receivable in the month following the sale.
Sales
January
February
March
Cash Sales
22,000
31,000
37,000
Sales on Account
42,000
58,000
60,000
Total Budgeted Sales
64,000
89,000
97,000
Schedule of Cash Receipts
Current Cash Sales
[a]
[d]
[g]
Collection of Accounts Receivable
[b]
[e]
[h]
Total Budgeted Cash Collection
[c]
[f]
[i]
1. Complete the schedule of cash receipts by filling in the missing amounts.
2. Determine the amount of accounts receivable that Nikki's bakery should report on the first quarter pro forma balance sheet.
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