Answer Happy

Jasper Company has sales on account and for cash. Specifically, 62% of its sales are on account and 38% 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 Recelvable is $303,200 on April 1. Prepare a schedule of budgeted cash receipts for April May, and June. April May June Cash sales Sales on account Total sales 38% 62% $ 0 $ 0 $ 0 May June JASPER COMPANY Schedule of Cash Receipts For April, May, and June April Cash receipts from Cash sales Collection of accounts receivable Total budgeted cash receipts