Jasper Company has sales on account and for cash. Specifically, 59% of its sales are on account and 41% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $523,000 for April, $533,000 for May, and $558,000 for June. The beginning balance of Accounts Receivable is $305,100 on April 1. Prepare a schedule of budgeted cash receipts for April, May, and June. Cash sales Sales on account Total sales Cash receipts from: Cash sales 41% 59% April JASPER COMPANY Schedule of Cash Receipts For April, May, and June April Collection of accounts receivable Total budgeted cash receipts May May June June

Jasper Company has sales on account and for cash. Specifically, 59% of its sales are on account and 41% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $523,000 for April, $533,000 for May, and $558,000 for June. The beginning balance of Accounts Receivable is $305,100 on April 1. Prepare a schedule of budgeted cash receipts for April, May, and June. Cash sales Sales on account Total sales Cash receipts from: Cash sales 41% 59% April JASPER COMPANY Schedule of Cash Receipts For April, May, and June April Collection of accounts receivable Total budgeted cash receipts May May June June

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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