Exercise 20-18 Budgeted cash receipts LO P2 Jasper Company has sales on account

Question

Exercise 20-18 Budgeted cash receipts LO P2 Jasper Company has sales on account and for cash. Specifically, 57% of its sales are on account and 43% are f collected in full in the month following the sale. The company forecasts sales of $522 for June. The beginning balance of Accounts Receivable is $300,400 on April 1 or cash. Credit sales are .000 for April, $532.000 for May, and $557,000 Prepare a schedule of budgeted cash receipts for April, ay, and June April May June Cash sales Sales on account 43% 57% 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

April May June Cash Sales ( 43%) 2,24,460 2,28,760 2,39,510 Credit Sales  (57%) 2,97,540 3,03,240 3,17,490 Sales 5,22,000 5,32,000 5,57,000 JASPER COMPANY Schedule of  cash receipts For April, May, June April May June Cash Receipts From : Cash Sales 2,24,460 2,28,760 2,39,510 Collection of Accounts Receivable 3,00,400 2,97,540 3,03,240 Total Budgeted Cash Receipts 5,24,860 5,26,300 5,42,750

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