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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