The budget director of Heathers Florist has prepared the following sales budget. The company had...
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Accounting
The budget director of Heathers Florist has prepared the following sales budget. The company had $290,000 in accounts receivable on July 1. Heathers 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.
Campbell Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Campbells policy is to maintain an ending inventory balance equal to 10 percent of the following months cost of goods sold. Aprils budgeted cost of goods sold is $81,000.
Required
Complete the inventory purchases budget by filling in the missing amounts.
Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement.
Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the first quarter.
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