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Jasper Company has sales on account and for cash. Specifically, 59% of its sales are on account and 41% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $523,000 for April, $533,000 for May, and $558,000 for June. The beginning balance of Accounts Receivable is $305,100 on April 1. Prepare a schedule of budgeted cash receipts for April, May, and June. Cash sales Sales on account Total sales Cash receipts from: Cash sales 41% 59% April JASPER COMPANY Schedule of Cash Receipts For April, May, and June April Collection of accounts receivable Total budgeted cash receipts May May June June

Jasper Company has sales on account and for cash. Specifically, 59% of its sales are on account and 41% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $523,000 for April, $533,000 for May, and $558,000 for June. The beginning balance of Accounts Receivable is $305,100 on April 1. Prepare a schedule of budgeted cash receipts for April, May, and June. Cash sales Sales on account Total sales Cash receipts from: Cash sales 41% 59% April JASPER COMPANY Schedule of Cash Receipts For April, May, and June April Collection of accounts receivable Total budgeted cash receipts May May June June

Cornerstones of Cost Management (Cornerstones Series)
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter8: Budgeting For Planning And Control
Section: Chapter Questions
Problem 34E: A companys sales for the coming months are as follows: About 20 percent of sales are cash sales, and...
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Jasper Company has sales on account and for cash. Specifically, 59% of its sales are on account and 41% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $523,000 for April, $533,000 for May, and $558,000 for June. The beginning balance of Accounts Receivable is $305,100 on April 1. Prepare a schedule of budgeted cash receipts for April, May, and June. Cash sales Sales on account Total sales Cash receipts from: Cash sales 41% 59% April JASPER COMPANY Schedule of Cash Receipts For April, May, and June April Collection of accounts receivable Total budgeted cash receipts May May June June
Transcribed Image Text:Jasper Company has sales on account and for cash. Specifically, 59% of its sales are on account and 41% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $523,000 for April, $533,000 for May, and $558,000 for June. The beginning balance of Accounts Receivable is $305,100 on April 1. Prepare a schedule of budgeted cash receipts for April, May, and June. Cash sales Sales on account Total sales Cash receipts from: Cash sales 41% 59% April JASPER COMPANY Schedule of Cash Receipts For April, May, and June April Collection of accounts receivable Total budgeted cash receipts May May June June
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