Jasper Company has 57% of its sales on credit and 43% for cash. All credit sales are collected in full in the first month following thesale. The company budgets sales of $525,000 for April, $535,000 for May, and $560,000 for June. Total sales for March are$295,800.Prepare a schedule of cash receipts from sales for April, May, and June.SalesCash receipts from:Total cash receiptsJASPER COMPANYSchedule of Cash Receipts from SalesApril525,000May535,000June560,000

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Business

Accounting

Prepare a schedule of cash receipts from sales for April, May, and 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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Concept explainers

Conversion Cycle

Conversion cycle is also known as cash cycle or net operating cycle. Conversion cycle refers to how much time a company takes to turn its investments which is done from stock or any other financial resources into cash flows from sales.

Question

Jasper Company has 57% of its sales on credit and 43% for cash. All credit sales are collected in full in the first month following the
sale. The company budgets sales of $525,000 for April, $535,000 for May, and $560,000 for June. Total sales for March are
$295,800.
Prepare a schedule of cash receipts from sales for April, May, and June.
Sales
Cash receipts from:
Total cash receipts
JASPER COMPANY
Schedule of Cash Receipts from Sales
April
525,000
May
535,000
June
560,000

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