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 115,000 77,000 140,000
Sales on Account 455,000 500,000 490,000
570,000 577,000 630,000
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.
Required:
1. What is the amount of sales revenue that the company will report on the second quarter proforma income statement?
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