Exercise 20-18 Budgeted cash receipts LO P2 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 $516,000 for April, $526,000 for May, and $551,000 for June. The beginning balance of Accounts Receivable is $307,900 on April 1. Prepare a schedule of budgeted cash receipts for April, May, and June. April May June Cash sales 41% 59% Sales on account 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, $84,000; May, $114,000; and June, $124,000. Payments are made as follows: 75% in the month of purchase and 25% in the month after purchase. The March 31 balance of accounts payable is $26,000. Prepare a schedule of budgeted cash payments for April, May, and June. April May June 75% Current month purchases Ending accounts payable 25% 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