Part B

1. Jasper Company has sales on account and for cash. Specifically, 70% of its sales are on account and 30% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $525,000 for April, $535,000 for May, and $560,000 for June. The beginning balance of Accounts Receivable is $400,000 on April 1. Prepare a schedule of budgeted cash receipts for April, May, and June.

	%	April	May	June
Cash sales
Sales on account
Total sales

Jasper Company Schedule of Cash Receipts For April, May, and June
	April	May	June
Cash receipts from:
Cash sales
Collection of A/R
Total budgeted cash receipts