From the information provided, prepare a budgeted income statement for the three months ended June 30th for Royal company and a budget balance sheet dated June 30

SALES BUDGET April Quarter MayJune 50,000 Budgeted sales (units)... 20,000 Selling price per unit X $10 Total sales ...$200,000 30,000 100,000 x $10x$10x $10$10 SCHEDULE OF EXPECTED CASH COLLECTIONS Additional data: All sales are on account. The company collects 70% of these credit sales in the month of the sale; 25% are collected in the month following sale, and the remaining 5% are uncollectible. . The accounts receivable balance on March 31 was $30,000. All of this balance was collectible. April May June Quarter 30,000 140,000 Accounts receivable beginning balance....30,000 April sales 70%$200,000 25% x $200,000 140,000 50,000 50,000 May sales 350,000 70% x $500,000... 2596 $500,000 350,000 $125,000 125,000 June sales 70% x $300,000. 310.00 I cash collections.. 10.000 25% of the $300,000 will be your 6/30 AR balance. $170,000 $400.000 $335.000 $905,000