Jasper Company has sales on account and for cash. Specifically, 70% of its sales

Question

Jasper Company has sales on account and for cash. Specifically, 70% of its sales are on account and 30% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $525,000 for April, $535,000 for May, and $560,000 for June. The beginning balance of Accounts Receivable is $400,000 on April 1 Prepare a schedule of budgeted cash receipts for April, May, and June. April May June Cash sales 30% Sales on account 70% Total sales JASPER COMPANY Schedule of Cash Receipts For April, May, and June April May June Cash receipts from Cash sales Collection of accounts receivable Total budgeted cash receipts

Explanation / Answer

Dear Student Thank you for using Chegg Please find below the answer Statementshowing Computations Paticulars April May June Cash Sales 30.00%          157,500.00          160,500.00          168,000.00 Sales on Account 70.00%          367,500.00          374,500.00          392,000.00 Total Sales          525,000.00          535,000.00          560,000.00 Cash receipts from : Cash sales          157,500.00          160,500.00          168,000.00 Collection of accounts receivable          400,000.00          367,500.00          374,500.00 Total budgeted cash receipts          557,500.00          528,000.00          542,500.00

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