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Accounts receivable are normally reported at:
a.) The present value of future cash receipts.
b.) The Current value plus accrued interest.
c.) The Expected amount to be received.
d.) The Current value less expected collection costs.
Accounts receivable are normally reported at:
a.) The present value of future cash receipts.
b.) The Current value plus accrued interest.
c.) The Expected amount to be received.
d.) The Current value less expected collection costs.
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Related questions
Nikkiâs Bakery has prepared the following salesbudget. The company had $18,000 of accounts receivable at January1. The company normally collects 100 percent of its accountsreceivable 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 fillingin the missing amounts.
2. Determine the amount of accounts receivable thatNikki's bakery should report on the first quarter pro forma balancesheet.
Enter labeled answers at the top of the box with your workunderneath.
