Exercise 7-18 Budgeted cash receipts LO P2 Jasper Company has sales on account a

Question

Exercise 7-18 Budgeted cash receipts LO P2 Jasper Company has sales on account and for cash. Specifically, 64% of its sales are on account and 36% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $524,000 for April, $534,000 for May. and $559,000 for June. The beginning balance of Accounts Receivable is $302,800 on April 1 Prepare a schedule of budgeted cash receipts for April, May. and June. April May June Cash sales 36% 64% Sales on account 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

jasper company schedule of cash receipts for april , may and june.

April May June Cash sales 36% 188,640 192,240 201,240 sales on account 64% 335,360 341,760 357,760 total sales 524,000 534,000 559,000

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