Help Save& Exit Submit Check my work Exercise 20-18 Budgeted cash receipts LO P2

Question

Help Save& Exit Submit Check my work Exercise 20-18 Budgeted cash receipts LO P2 Jasper Company has sales on account and for cash. Specifically, 62% of its sales are on account and 38% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $521,000 for April, $531,000 for May, and $556,000 for June. The beginning balance of Accounts Receivable is $295,600 on April 1. Prepare a schedule of budgeted cash receipts for April, May, and June. April May June 38% 62% Total sales JASPER COMPANY Schedule of Cash Receipts For April, May, and June April May June Total budgeted cash receipts 8:36

Explanation / Answer

($) April May June Cash sales 38% 197980 201780 211280 Sales on account 62% 323020 329220 344720 Total sales 521000 531000 556000 JASPER COMPANY Schedule of Cash Receipts April May June Cash Receipts from :- Cash Sales 197980 201780 211280 Collection of Accounts 295600 323020 329220 Total budgeted cash receipts 493,580 524,800 540,500

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