Schedule of Cash Collections on Accounts Receivable and Cash Budget

Roybal Inc. sells all of its product on account. Roybal has the following accounts receivable payment experience:

Percent paid in the month of sale

$20$

Percent paid in the month after the sale

Percent paid in the second month after the sale

To encourage payment in the month of sale, Roybal gives a $2\%$ cash discount. Roybal's anticipated sales for the next few months are as follows:

April

May

June

July

August

$$218,500$

$285,200$

$299,000$

$276,000$

$345,000$

Required:

Prepare a schedule of cash receipts for July. Be sure to enter percentages as whole numbers.

Roybal Inc.

Schedule of Cash Receipts

For July

Payments on account:

From May credit sales:

$

$\%$

$

From June credit sales:

$

$\%$

From July credit sales:

$

$,\%$

Less: July cash discount

$

$\%$

Cash receipts

$

Prepare a schedule of cash receipts for August. Be sure to enter percentages as whole numbers.

Roybal Inc.

Schedule of Cash Receipts

For August

Payments on account:

From June credit sales:

$

$\%$

$

From July credit sales:

$

$$

$\%$

From August credit sales:

$

$x$

$\%$

Less: August cash discount

$

$$

$\%$