Exercise 22-18 (Algo) Schedule of cash receipts LO P2 Jasper Company has 65% of its sales on credit and 35% for cash. All credit sales are collected in full in the first month following the sale. The company budgets sales of $529,000 for April, $539,000 for May, and $564,000 for June. Total sales for March are $307,800. Prepare a schedule of cash receipts from sales for April, May, and June. > Answer is complete but not entirely correct. JASPER COMPANY Schedule of Cash Receipts from Sales Sales Cash receipts from: Cash sales Accounts receivable April 529,000 May June 539,000 564,000 $ 185,150 $188,650 $ 197,400 176,880 × 317,400X 323,400x Total cash receipts $ 362,030 $ 506,050 $ 520,800

Exercise 22-18 (Algo) Schedule of cash receipts LO P2 Jasper Company has 65% of its sales on credit and 35% for cash. All credit sales are collected in full in the first month following the sale. The company budgets sales of $529,000 for April, $539,000 for May, and $564,000 for June. Total sales for March are $307,800. Prepare a schedule of cash receipts from sales for April, May, and June. > Answer is complete but not entirely correct. JASPER COMPANY Schedule of Cash Receipts from Sales Sales Cash receipts from: Cash sales Accounts receivable April 529,000 May June 539,000 564,000 $ 185,150 $188,650 $ 197,400 176,880 × 317,400X 323,400x Total cash receipts $ 362,030 $ 506,050 $ 520,800

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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