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	$285,000
May	372,000
June	390,000
July	360,000
August	450,000

Required:

1. Prepare a schedule of cash receipts for July. Be sure to enter percentages as whole numbers. 2. Prepare a schedule of cash receipts for Auqust. Be sure to enter percentages as whole numbers