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Jasper Company has 55% of its sales on credit and 45% for cash. All credit sales are collected in full in the first month following the sale. The company budgets sales of $533,000 for April, $543,000 for May, and $568,000 for June. Total sales for March are $294,900. Prepare a schedule of cash receipts from sales for April, May, and June. Sales Cash receipts from: Cash sales JASPER COMPANY Schedule of Cash Receipts from Sales April Collections of prior period sales Total cash receipts 533,000 May 543,000 June 568,000

Jasper Company has 55% of its sales on credit and 45% for cash. All credit sales are collected in full in the first month following the sale. The company budgets sales of $533,000 for April, $543,000 for May, and $568,000 for June. Total sales for March are $294,900. Prepare a schedule of cash receipts from sales for April, May, and June. Sales Cash receipts from: Cash sales JASPER COMPANY Schedule of Cash Receipts from Sales April Collections of prior period sales Total cash receipts 533,000 May 543,000 June 568,000

FINANCIAL ACCOUNTING
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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Jasper Company has 55% of its sales on credit and 45% for cash. All credit sales are collected in full in the first month following the sale. The company budgets sales of $533,000 for April, $543,000 for May, and $568,000 for June. Total sales for March are $294,900. Prepare a schedule of cash receipts from sales for April, May, and June. Sales Cash receipts from: Cash sales JASPER COMPANY Schedule of Cash Receipts from Sales April May Collections of prior period sales Total cash receipts 533,000 543,000 June 568,000
Transcribed Image Text:Jasper Company has 55% of its sales on credit and 45% for cash. All credit sales are collected in full in the first month following the sale. The company budgets sales of $533,000 for April, $543,000 for May, and $568,000 for June. Total sales for March are $294,900. Prepare a schedule of cash receipts from sales for April, May, and June. Sales Cash receipts from: Cash sales JASPER COMPANY Schedule of Cash Receipts from Sales April May Collections of prior period sales Total cash receipts 533,000 543,000 June 568,000
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