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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
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A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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Transcribed Image Text: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
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