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Jasper Company has 64% of its sales on credit and 36% for cash. All credit sales are collected in full in the first month following
Jasper Company has 64% of its sales on credit and 36% for cash. All credit sales are collected in full in the first month following the sale. The company budgets sales of $521,000 for April, $531,000 for May, and $556,000 for June. Total sales for March are $304,400. Prepare a schedule of cash receipts from sales for April, May, and June. Zisk Company purchases direct materials on credit. Budgeted purchases are April, $94,000; May, $124,000; and June, $134,000. Cash payments for purchases are: 70% in the month of purchase and 30% in the first month after purchase. Purchases for March are $84,000. Prepare a schedule of cash payments for direct materials for April, May, and June
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