Part 1:

Jasper Company has sales on account and for cash. Specifically, 64% of its sales are on account and 36% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $515,000 for April, $525,000 for May, and $550,000 for June. The beginning balance of Accounts Receivable is $301,900 on April 1. Prepare a schedule of budgeted cash receipts for April, May, and June.

		April	May	June
Cash sales	36%	$185,400	$189,000	$198,000
Sales on account	64%	329,600	336,000	352,000
Total sales		$515,000	$525,000	$550,000
JASPER COMPANY
Schedule of Cash Receipts
For April, May, and June
		April	May	June
Cash receipts from:
Cash sales		$185,400	$189,000	$198,000
Collection of accounts receivable		301,900
Total budgeted cash receipts		$487,300

Part 2:

Zisk Co. purchases raw materials on account. Budgeted purchase amounts are: April, $94,000; May, $124,000; and June, $134,000. Payments are made as follows: 70% in the month of purchase and 30% in the month after purchase. The March 31 balance of accounts payable is $36,000. Prepare a schedule of budgeted cash payments for April, May, and June.

		April	May	June
Current month purchases	70%	$65,800	$86,800	$93,800
Ending accounts payable	30%	28,200	37,200	40,200
Total purchases		$94,000	$124,000	$134,000
Zisk Co.
Schedule of Cash Payments
For April, May, and June
		April	May	June
Cash payments for:
Current month purchases		$65,800	$86,800	$93,800
Prior month purchases		36,000
Budgeted cash payments for materials		$101,800