Bright Minds Toy Company prepared the following sales budget for the second quarter. Projected sales for...
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 30,000 43,000 55,000 Sales of account 370,000 432,000 405,000 400,000 475,000 460,000 Bright Minds expects to collect 70% of the sales on account in the month of sale, and 20% in the month following the sale, and the remainder in the second month following the sale. What is the ending accounts receivable balance that would be reported on the pro forma balance sheet prepared as of June 30?
Multiple Choice
$164,700
$121,500
$283,500
$86,400
Homework Answers
Answer : A = $ 164,700.
>> Account receivable on June 30 is = ( 30 % of June Sales ) + ( 10 % of May sales ) .
>> Account Receivable on June 30th = ( 405,000 * 30 % ) + ( 432,000 * 10 % ) = $ 164,700
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