Jasper Company has sales on account and for cash. Specifically, 64% of its sales are on...

Jasper Company has sales on account and for cash. Specifically, 64% of its sales are on account and 36% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $515,000 for April, $525,000 for May, and $550,000 for June. The beginning balance of Accounts Receivable is $298,700 on April 1.

Prepare a schedule of budgeted cash receipts for April, May, and June

		April	May	June
Cash sales	36%
Sales on account	64%
Total sales

JASPER COMPANY
Schedule of Cash Receipts
For April, May, and June
		April	May	June
Cash receipts from:
Cash sales
Collection of accounts receivable
Total budgeted cash receipts

Solutions

Expert Solution

All working forms part of the answer
All requirement as asked:

Working		%	April	May	June
A = C x 36%	Cash sales	36%	$ 185,400.00	$ 189,000.00	$ 198,000.00
B = C x 64%	Sales on account	64%	$ 329,600.00	$ 336,000.00	$ 352,000.00
C [given]	Total sales	100%	$ 515,000.00	$ 525,000.00	$ 550,000.00

JASPER COMPANY
Schedule of Cash Receipts
For April, May, and June
	April	May	June
Cash receipts from:
Cash sales	$ 185,400.00	$ 189,000.00	$ 198,000.00
Collection of accounts receivable	$ 298,700.00	$ 329,600.00	$ 336,000.00
Total budgeted cash receipts	$ 484,100.00	$ 518,600.00	$ 534,000.00

ekkarill92 answered 1 year ago

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