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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 125,000 81,000 150,000
Sales on Account 465,000 508,000 500,000
590,000 589,000 650,000

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 ending accounts receivable balance that would be reported on the pro forma balance sheet prepared as of June 30?

Multiple Choice

$200,800

$148,100

$341,000

$105,400

Answer & Explanation Solved by verified expert
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