Question

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 $520,000 for April, $530,000 for May, and $555,000 for June. The beginning balance of Accounts Receivable is $304,500 on April 1. Prepare a schedule of budgeted cash receipts for April, May, and June.

Answer 1

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Step-by-step explanation:

Jasper Company

Schedule of Budgeted Cash Receipts for April, May, and June

Details April ($) May ($) June ($)

March Sales 304,500 0 0

April Sales 187,200 332,800 0

May Sales 0 190,800 339,200

June sales 0 0 199,800

Total receipts 491,700 523,600 539,000