Schedule of Cash Collections on Accounts Receivable and Cash Budget Roybal Inc. sells all of its product on account. Roybal has the following accounts receivable payment experience: Percent paid in the month of sale 20 Percent paid in the month after the sale 55 Percent paid in the second month after the sale 23 To encourage payment in the month of sale, Roybal gives a 2% cash discount. Roybal's anticipated sales for the next few months are as follows: April $209,000 May 272,800 June 286,000 July 264,000 August 330,000 1. Prepare a schedule of cash receipts for July. Be sure to enter percentages as whole numbers. 2.Prepare a schedule of cash receipts for August. Be sure to enter percentages as whole numbers.
Schedule of Cash Collections on Accounts Receivable and Cash Budget Roybal Inc. sells all of its product on account. Roybal has the following accounts receivable payment experience: Percent paid in the month of sale 20 Percent paid in the month after the sale 55 Percent paid in the second month after the sale 23 To encourage payment in the month of sale, Roybal gives a 2% cash discount. Roybal's anticipated sales for the next few months are as follows: April $209,000 May 272,800 June 286,000 July 264,000 August 330,000 1. Prepare a schedule of cash receipts for July. Be sure to enter percentages as whole numbers. 2.Prepare a schedule of cash receipts for August. Be sure to enter percentages as whole numbers.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Schedule of Cash Collections on Accounts
Receivable and Cash Budget Roybal Inc. sells all
of its product on account. Roybal has the
following accounts receivable payment
experience: Percent paid in the month of sale 20
Percent paid in the month after the sale 55
Percent paid in the second month after the sale
23 To encourage payment in the month of sale,
Roybal gives a 2% cash discount. Roybal's
anticipated sales for the next few months are as
follows: April $209,000 May 272,800 June
286,000 July 264,000 August 330,000
1. Prepare a schedule of cash receipts for July.
Be sure to enter percentages as whole numbers.
2.Prepare a schedule of cash receipts for August.
Be sure to enter percentages as whole numbers.
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