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
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.
Sales Budget and Selling
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.
![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff0e6a15e-8923-4b70-967c-767e9181f633%2F71fd9d89-d7c7-4f01-afa9-4bed796f2ee3%2Fyqdeybn_processed.jpeg&w=3840&q=75)
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