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	55
Percent paid in the second month after the sale	23

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	$266,000
May	347,200
June	364,000
July	336,000
August	420,000

Required:

Question Content Area

1. 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:
$fill in the blank 0ba78cfccfa5faa_1 fill in the blank 0ba78cfccfa5faa_2 %				$fill in the blank 0ba78cfccfa5faa_3
From June credit sales:
$fill in the blank 0ba78cfccfa5faa_4 fill in the blank 0ba78cfccfa5faa_5 %				fill in the blank 0ba78cfccfa5faa_6
From July credit sales:
$fill in the blank 0ba78cfccfa5faa_7 fill in the blank 0ba78cfccfa5faa_8 %				fill in the blank 0ba78cfccfa5faa_9
Less: July cash discount
$fill in the blank 0ba78cfccfa5faa_10 fill in the blank 0ba78cfccfa5faa_11 %				fill in the blank 0ba78cfccfa5faa_12
Cash receipts				$fill in the blank 0ba78cfccfa5faa_13

Question Content Area

2. 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:
$fill in the blank 77c93b01e00cfe6_1 fill in the blank 77c93b01e00cfe6_2 %				$fill in the blank 77c93b01e00cfe6_3
From July credit sales:
$fill in the blank 77c93b01e00cfe6_4 fill in the blank 77c93b01e00cfe6_5 %				fill in the blank 77c93b01e00cfe6_6
From August credit sales:
$fill in the blank 77c93b01e00cfe6_7 fill in the blank 77c93b01e00cfe6_8 %				fill in the blank 77c93b01e00cfe6_9
Less: August cash discount
$fill in the blank 77c93b01e00cfe6_10 fill in the blank 77c93b01e00cfe6_11 %				fill in the blank 77c93b01e00cfe6_12
Cash receipts				$fill in the blank 77c93b01e00cfe6_13