Jasper Company has sales on account and for cash. Specifically, 63% of its sales are on account and 37% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $525,000 for April, $535,000 for May, and $560,000 for June. The beginning balance of Accounts Receivable is $302,000 on April 1. Prepare a schedule of budgeted cash receipts for April, May, and June. April May June Cash sales 37% Sales on account 63% Total sales JASPER COMPANY Schedule of Cash Receipts For April, May, and June April May June Cash receipts from: Cash sales Collection of accounts receivable Total budgeted cash receipts

Jasper Company has sales on account and for cash. Specifically, 63% of its sales are on account and 37% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $525,000 for April, $535,000 for May, and $560,000 for June. The beginning balance of Accounts Receivable is $302,000 on April 1. Prepare a schedule of budgeted cash receipts for April, May, and June. April May June Cash sales 37% Sales on account 63% Total sales JASPER COMPANY Schedule of Cash Receipts For April, May, and June April May June Cash receipts from: Cash sales Collection of accounts receivable Total budgeted cash receipts

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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