Exercise 20-18 Budgeted cash receipts LO P2 Jasper Company has sales on account and for cash. Specifically, 57% of its sales are on account and 43% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $531,000 for April, $541,000 for May, and $566,000 for June. The beginning balance of Accounts Receivable is $304,400 on April 1 Prepare a schedule of budgeted cash receipts for April, May, and June April ay June Cash sales 43% Sales on account 57% 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 Exercise 20-19 Budgeted cash payments LO P2 Zisk Co. purchases raw materials on account. Budgeted purchase amounts are: April, $87000; May, $117,000; and June, $127,000. Payments are made as follows: 70 % in the month of purchase and 30 % in the month after purchase. The March 31 balance of accoun payable is $29,000 Prepare a schedule of budgeted cash payments for April, May, and June. April May June Current month purchases 70% Ending accounts payable 30% Total purchases Zisk Co. Schedule of Cash Payments For April, May, and June April May June Cash payments for Current month purchases Prior month purchases Budgeted cash payments for materials