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 $237,500   May 310,000   June 325,000   July 300,000   August 375,000   Required: 1.  Prepare a schedule of cash receipts for July. Be sure to enter percentages as whole numbers. Roybal Inc. Schedule of Cash Receipts For July Payments on account:         From May credit sales:         $fill in the blank da1540f3fff5feb_1 × fill in the blank da1540f3fff5feb_2 %       $fill in the blank da1540f3fff5feb_3 From June credit sales:         $fill in the blank da1540f3fff5feb_4 × fill in the blank da1540f3fff5feb_5 %       fill in the blank da1540f3fff5feb_6 From July credit sales:         $fill in the blank da1540f3fff5feb_7 × fill in the blank da1540f3fff5feb_8 %       fill in the blank da1540f3fff5feb_9 Less: July cash discount         $fill in the blank da1540f3fff5feb_10 × fill in the blank da1540f3fff5feb_11 %       fill in the blank da1540f3fff5feb_12 Cash receipts       $fill in the blank da1540f3fff5feb_13 2.  Prepare a schedule of cash receipts for August. Be sure to enter percentages as whole numbers. Roybal Inc. Schedule of Cash Receipts For August Payments on account:         From June credit sales:         $fill in the blank 83117702100e003_1 × fill in the blank 83117702100e003_2 %       $fill in the blank 83117702100e003_3 From July credit sales:         $fill in the blank 83117702100e003_4 × fill in the blank 83117702100e003_5 %       fill in the blank 83117702100e003_6 From August credit sales:         $fill in the blank 83117702100e003_7 × fill in the blank 83117702100e003_8 %       fill in the blank 83117702100e003_9 Less: August cash discount         $fill in the blank 83117702100e003_10 × fill in the blank 83117702100e003_11 %       fill in the blank 83117702100e003_12 Cash receipts       $fill in the blank 83117702100e003

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Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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 $237,500  
May 310,000  
June 325,000  
July 300,000  
August 375,000  

Required:

1.  Prepare a schedule of cash receipts for July. Be sure to enter percentages as whole numbers.

Roybal Inc.
Schedule of Cash Receipts
For July
Payments on account:        
From May credit sales:        
$fill in the blank da1540f3fff5feb_1 × fill in the blank da1540f3fff5feb_2 %       $fill in the blank da1540f3fff5feb_3
From June credit sales:        
$fill in the blank da1540f3fff5feb_4 × fill in the blank da1540f3fff5feb_5 %       fill in the blank da1540f3fff5feb_6
From July credit sales:        
$fill in the blank da1540f3fff5feb_7 × fill in the blank da1540f3fff5feb_8 %       fill in the blank da1540f3fff5feb_9
Less: July cash discount        
$fill in the blank da1540f3fff5feb_10 × fill in the blank da1540f3fff5feb_11 %       fill in the blank da1540f3fff5feb_12
Cash receipts       $fill in the blank da1540f3fff5feb_13

2.  Prepare a schedule of cash receipts for August. Be sure to enter percentages as whole numbers.

Roybal Inc.
Schedule of Cash Receipts
For August
Payments on account:        
From June credit sales:        
$fill in the blank 83117702100e003_1 × fill in the blank 83117702100e003_2 %       $fill in the blank 83117702100e003_3
From July credit sales:        
$fill in the blank 83117702100e003_4 × fill in the blank 83117702100e003_5 %       fill in the blank 83117702100e003_6
From August credit sales:        
$fill in the blank 83117702100e003_7 × fill in the blank 83117702100e003_8 %       fill in the blank 83117702100e003_9
Less: August cash discount        
$fill in the blank 83117702100e003_10 × fill in the blank 83117702100e003_11 %       fill in the blank 83117702100e003_12
Cash receipts       $fill in the blank 83117702100e003_13
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