Jasper Company has 57% of its sales on credit and 43% for cash. All credit sales are collected in full in the first month following the sale. The company budgets sales of $530,000 for April, $540,000 for May, and $565,000 for June. Total sales for March are $294,800. Prepare a schedule of budgeted cash receipts for April, May, and June. April May June Cash sales 43% Sales on account 57% Total sales $ 0 $ 0 $ 0 JASPER COMPANY Schedule of Cash Receipts April May June Cash receipts from: Cash sales Collection of accounts receivable Total cash receipts Fortune Incorporated is preparing its master budget for the first quarter. The company sells a single product at a price of $25 per unit. Sales (in units) are budgeted at 155,000 for the first quarter. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows. Sales Commissions Rent Advertising Office salaries Depreciation Interest Tax rate 8% of sales dollars $ 45,000 per quarter $ 531,000 per quarter $ 247,000 per quarter $ 108,000 per quarter 1.75% quarterly on $240,000 note payable 40% Prepare a budgeted income statement for the first quarter ended March 31. (Round your intermediate and final answers to the nearest whole dollar.) FORTUNE, INCORPORATED Budgeted Income Statement For Quarter Ended March 31 Selling, general and administrative expenses 0