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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

Answer & Explanation Solved by verified expert
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