Jasper Company has sales on account and for cash. Specifically, 59% of its sales are on account and 41% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $516,000 for April, $526,000 for May, and $551,000 for June. The beginning balance of Accounts Receivable is $298,300 on April 1. Prepare a schedule of budgeted cash receipts for April, May, and June. April May June 41% Cash sales Sales on account 59% Total sales $ 0 $ 0 $ 0 JASPER COMPANY Schedule of Cash Receipts For April, May, and June April Cash receipts from: Cash sales Collection of accounts receivable May June Total budgeted cash receipts Use the following information to prepare the September cash budget for PTO Co. The following information relates to expected cash receipts and cash payments for the month ended September 30. a. Beginning cash balance, September 1, $41,000. b. Budgeted cash receipts from sales in September, $262,000. c. Raw materials are purchased on account. Purchase amounts are August (actual), $77,000, and September (budgeted), $102,000. Payments for direct materials are made as follows: 65% in the month of purchase and 35% in the month following purchase. d. Budgeted cash payments for direct labor in September, $40,000. e. Budgeted depreciation expense for September, $3,300. f. Other cash expenses budgeted for September, $50,000. g. Accrued income taxes payable in September, $10,100. h. Bank loan interest payable in September, $1,400. PTO MANUFACTURING COMPANY Cash Budget For Month Ended September 30 Beginning cash balance $ 41,000 Cash receipts from sales 262,000 Total cash available $ 303,000 Cash payments for Direct materials Direct labor 40,000 Other expenses 50,000 Accrued taxes 10,100 Interest on bank loan 1,400 Total cash payments 101,500 Ending cash balance $ 201,500