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Inessa05 [86]
2 years ago
13

VJasper Company has sales on account and for cash. Specifically, 70% of its sales are on account and 30% are for cash. Credit sa

les are collected in full in the month following the sale. The company forecasts sales of $525,000 for April, $535,000 for May, and $560,000 for June. The beginning balance of Accounts Receivable is $400,000 on April 1. Prepare a schedule of budgeted cash receipts for April, May, and June.
Business
1 answer:
RoseWind [281]2 years ago
8 0

Answer:

                                              April             May              June

Cash Sales             30%    $157,500     $160,500      $168,000

Sales on account   70%    <u>$367,500</u>    <u>$374,500</u>      <u>$392,000</u>

                                          <u>$525,000</u>    <u>$535,000</u>     <u>$560,000</u>

<u />

<u> </u>

                                        JASPER COMPANY

                                     Cash Receipts Budget

                                   For April, May and June

                                                                 April          May          June

<em>Cash Receipts from:</em>

Cash Sales                                         $157,500    $160,500   $168,000

Collection of accounts Receivable  <u><em>$400,000   $367,500   $374,500</em></u>

Total Cash Receipts                          <u>$557,500</u>   <u>$528,000</u>  <u>$542,500</u>

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