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.

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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