Jasper Company has sales on account and for cash. Specifically, 56% of its sale

Question

Jasper Company has sales on account and for cash. Specifically, 56% of its sale are on account and 44% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $530,000 for April, $540,000 for May, and $565,000 for June. The beginning balance of Accounts Receivable is $309,000 on April 1 Prepare a schedule of budgeted cash receipts for April, May, and June. April May June Cash sales 44% Sales on account 56% Total sales JASPER COMPANY Schedule of Cash Receipts For April, May, and June April May June Cash receipts from: Cash sales Total budgeted cash receipts

Explanation / Answer

April May June Cash sales 44% 233200 237600 248600 Sales on account 56% 296800 302400 316400 Total sales 530000 540000 565000 JASPER COMPANY Schedule of cash receipts For April, May and June April May June Cash receipts from: Cash sales 233200 237600 248600 Collection on accounts receivable 309000 296800 302400 Total budgeted cash receipts 542200 534400 551000

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