Jasper Company has 61% of its sales on credit and 39% for cash. All credit sales are collected in full in the first month following the sale. The company budgets sales of $527,000 for April, $537,000 for May, and $562,000 for June. Total sales for March are $309,300. Prepare a schedule of cash receipts from sales for April, May, and June. JASPER COMPANY Schedule of Cash Receipts from Sales Sales April 527,000 May June 537,000 562,000 Cash receipts from: Cash sales Collections of prior period sales 205,530 $ 0 209,430 $ 219,180 Total cash receipts
Jasper Company has 61% of its sales on credit and 39% for cash. All credit sales are collected in full in the first month following the sale. The company budgets sales of $527,000 for April, $537,000 for May, and $562,000 for June. Total sales for March are $309,300. Prepare a schedule of cash receipts from sales for April, May, and June. JASPER COMPANY Schedule of Cash Receipts from Sales Sales April 527,000 May June 537,000 562,000 Cash receipts from: Cash sales Collections of prior period sales 205,530 $ 0 209,430 $ 219,180 Total cash receipts
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Jasper Company has 61% of its sales on credit and 39% for cash. All credit sales are collected in full in the first month following the
sale. The company budgets sales of $527,000 for April, $537,000 for May, and $562,000 for June. Total sales for March are $309,300.
Prepare a schedule of cash receipts from sales for April, May, and June.
JASPER COMPANY
Schedule of Cash Receipts from Sales
Sales
April
527,000
May
June
537,000
562,000
Cash receipts from:
Cash sales
Collections of prior period sales
205,530 $
0
209,430 $ 219,180
Total cash receipts
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