Exercise 20-18 Budgeted cash receipts LO P2

Jasper Company has sales on account and for cash. Specifically, 65% of its sales are on account and 35% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $528,000 for April, $538,000 for May, and $563,000 for June. The beginning balance of Accounts Receivable is $305,400 on April 1. Prepare a schedule of budgeted cash receipts for April, May, and June.

April May June Cash sales 35% Sales on account 65% 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