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 $521,000 for April, $531,000 for May, and $556,000 for June. The beginning balance of Accounts Receivable is $300,500 on April 1. Prepare a schedule of budgeted cash receipts for April, May, and June.

Zisk Co. purchases raw materials on account. Budgeted purchase amounts are: April, $100,000; May, $130,000; and June, $140,000. Payments are made as follows: 75% in the month of purchase and 25% in the month after purchase. The March 31 balance of accounts payable is $42,000.

Prepare a schedule of budgeted cash payments for April, May, and June.

April May June Cash sales 41% Sales on account 59% Total sales 0 JASPER COMPANY Schedule of Cash Receipts For April, May, and June April May June Cash receipts from: Cash sales Collection of accounts receivable Total budgeted cash receipts