Chapter 7 Quiz Halp Save&Exilt; Submit 2 Jasper Company has sales on account and

Question

Chapter 7 Quiz Halp Save&Exilt; Submit 2 Jasper Company has sales on account and for cash Specteally. 60% of its sales are on account and 40% are for cash Credt tales are collected in full in the month following the sale. The company forecasts sales of $528,000 for Apnil, $538,000 for for June. The beginning balance of Accounts Recelvable is $293,300 on April1 May, and $563.000 Prepare a schedule of budgeted cash receipts for Apnit, May, and June Sales on account Schedule of Cash Receipts For April, May, and June April recepts from Colledion of Total budgeted cash necepts Prev 20, 51a Next > Type hene to search Prtsen Home End PoUp PgOn

Explanation / Answer

Prepare schedule of budgeted cash receipts :

April May June Cash sales 40% 211200 215200 225200 Sales on account 60% 316800 322800 337800 Total sales 528000 538000 563000 Schedule of cash receipts April May June Cash receipts from : Cash sales 211200 215200 225200 Collection from customer 293300 316800 322800 Total cash receipts 504500 532000 548000

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