Question

Jasper Company has sales on account and for cash. Specifically, 63% of its sales are on account and 37% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $522,000 for April, $532,000 for May, and $557,000 for June. The beginning balance of Accounts Receivable is $305,000 on April 1 Prepare a schedule of budgeted cash receipts for April, May, and June. April May June Cash sales 37% Sales on account 63% Total sales $ $ $ 0 0 0 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

Answer 1

Cash Sales Sales on account Total sales 37% 63% April 193140 328860 522000 May 196840 335160 532000 June 206090 350910 557000 May | June JASPER COMPANY Schedule of cash Receipts For April, May, and June April Cash receipts from: Cash sales 193140 Collection of accounts Receivable 305000 Total budgeted cash receipts 498140 196840 328860 525700 206090 335160 541250