Exercise 22-18 Budgeted cash receipts LO P2 Jasper Company has sales on account and for cash. Specifically, 56% of its sales are on account and 44% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $519,000 for April, $529,000 for May, and $554,000 for June. The beginning balance of Accounts Receivable is $295,800 on April 1. Prepare a schedule of budgeted cash receipts for April, May, and June Answer is complete but not entirely correct. April May June 445 $ 230,500 $ 234,900 $ 243,780 50% 293,440 299,040 313,040 $ 524.000 $ 534,000 $ 356,800 Cash Sales Sales on account Total sales June JASPER COMPANY Schedule of Cash Receipts For April, May, and June April May Cash receipts from Cash sales $ 230 560 $ 234,000 Collection of accounts receivable 292,100 293.440 Total budgeted cash receipts $ 522,660 $ 528.400 $ 243,760 299,0403 $ 542 800