Exercise 22-18 Budgeted cash receipts LO P2 Jasper Company has sales on account and for cash. Specifically, 64% of its sales are on account and 36% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $524,000 for April, $534,000 for May, and $559,000 for June. The beginning balance of Accounts Receivable is $306,600 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 36% 64% 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 22-19 Budgeted cash payments LO P2 Zisk Co. purchases raw materials on account. Budgeted purchase amounts are: April, $94,000; May, $124,000; and June, $134,000. Payments are made as follows: 70% in the month of purchase and 30% in the month after purchase. The March 31 balance of accounts payable is $36,000. Prepare a schedule of budgeted cash payments for April, May, and June. April May June Current month purchases Ending accounts payable Total purchases 70% 30% May June Zisk Co. Schedule of Cash Payments For April, May, and June April Cash payments for: Current month purchases Prior month purchases Budgeted cash payments for materials