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	$237,500
May	310,000
June	325,000
July	300,000
August	375,000

Required:

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:
From June credit sales:
From July credit sales:
Less: July cash discount
Cash receipts

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:
From July credit sales:
From August credit sales:
Less: August cash discount
Cash receipts