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 $519,000 for April, $529,000 for May, and $554,000 for June. Total sales for March are $300,400. Prepare a schedule of cash receipts from sales for April, May, and June.
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 $519,000 for April, $529,000 for May, and $554,000 for June. Total sales for March are $300,400. Prepare a schedule of cash receipts from sales for April, May, and June.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 $519,000 for April, $529,000 for May, and $554,000 for June. Total sales for March are $300,400.
Prepare a schedule of cash receipts from sales for April, May, and June.
Transcribed Image Text:Sales
Cash receipts from:
Cash sales
JASPER COMPANY
Schedule of Cash Receipts from Sales
April
Collections of prior period sales
Total cash receipts
519,000
May
529,000
June
554,000
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