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[Question & Answer] Jasper Company has sales on account and for cash. Specifically, 56% of its sales are on account and 44% are for cash. Credit…..

Author: Client Uploads
October 29th, 2021
jasper company has sales on account and for cash
Jasper Company has sales on account and for cash. Specifically, 56% of its sales are on account and 44% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $524,000 for April, $534,000 for May, and $559,000 for June. The beginning balance of Accounts Receivable is $292,100 on April 1 Prepare a schedule of budgeted cash receipts for April, May, and June. April May June Cash sales 44% Sales on account 56% Total sales $524,000$534,000559,000 JASPER COMPANY Cash Receipts Budget For April, May, and June April May June Cash receipts from: Cash sales Collection of accounts receivable Total cash receipts

Jasper Company has sales on account and for cash. Specifically, 56% of its sales are on account and 44% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $524,000 for April, $534,000 for May, and $559,000 for June. The beginning balance of Accounts Receivable is $292, 100 on April 1. Prepare a schedule of budgeted cash receipts for April, May, and June.

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April May June
Cash sales 44% 230560 234960 245960
Sales on account 56% 293440 299040 313040
Total sales 524000 534000 559000
JASPER COMPANY
Cash Receipts Budget
For April, May, and June
April May June
Cash receipts from:
Cash sales 230560 234960 245960
Collection of accounts receivable 292100 293440 299040
Total cash receipts 522660 528400 545000

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