Question
Part B Jasper Company has sales on account and for cash. Specifically, 70% of its sales are on account and 30% are for cash. Credit
Part B
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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.
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| % | April | May | June |
| Cash sales |
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| Sales on account |
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| Total sales |
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| Jasper Company Schedule of Cash Receipts For April, May, and June | |||
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| April | May | June |
| Cash receipts from: |
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| Cash sales |
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| Collection of A/R |
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| Total budgeted cash receipts |
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Intermediate Accounting
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
10th Edition
324300980, 978-0324300987
