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 $529,000 for April, $539,000 for May, and $564,000 for June. The beginning balance of Accounts Receivable is $307,200 on April 1. Prepare a schedule of budgeted cash receipts for April, May, and June. $ $ Cash sales Sales on account 44% 56% April 232,760 $ 296,2401 529,000 $ May 237,160 301,840 539,000 June 248,160 315,840 564,000 Total sales $ $ May June JASPER COMPANY Schedule of Cash Receipts For April, May, and June April Cash receipts from: Cash sales $ 232,760 $ Collection of accounts receivable 307,200 Total budgeted cash receipts $ 539,960 237,160 $ 248,160