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 $$190,000$

May $248,000$

June $260,000$

July $240,000$

August $300,000$

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 a$363$ce$09$ffa$5$f$84\_1$

$\backslash$times fill in the blank a$363$ce$09$ffa$5$f$84\_2$

$\%$ $fill in the blank a$363$ce$09$ffa$5$f$84\_3$

From June credit sales:

$fill in the blank a$363$ce$09$ffa$5$f$84\_4$

$\backslash$times fill in the blank a$363$ce$09$ffa$5$f$84\_5$

$\%$ fill in the blank a$363$ce$09$ffa$5$f$84\_6$

From July credit sales:

$fill in the blank a$363$ce$09$ffa$5$f$84\_7$

$\backslash$times fill in the blank a$363$ce$09$ffa$5$f$84\_8$

$\%$ fill in the blank a$363$ce$09$ffa$5$f$84\_9$

Less: July cash discount

$fill in the blank a$363$ce$09$ffa$5$f$84\_10$

$\backslash$times fill in the blank a$363$ce$09$ffa$5$f$84\_11$

$\%$ fill in the blank a$363$ce$09$ffa$5$f$84\_12$

Cash receipts $fill in the blank a$363$ce$09$ffa$5$f$84\_13$

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 $759$ec$9$fc$906$f$007\_1$

$\backslash$times fill in the blank $759$ec$9$fc$906$f$007\_2$

$\%$ $fill in the blank $759$ec$9$fc$906$f$007\_3$

From July credit sales:

$fill in the blank $759$ec$9$fc$906$f$007\_4$

$\backslash$times fill in the blank $759$ec$9$fc$906$f$007\_5$

$\%$ fill in the blank $759$ec$9$fc$906$f$007\_6$

From August credit sales:

$fill in the blank $759$ec$9$fc$906$f$007\_7$

$\backslash$times fill in the blank $759$ec$9$fc$906$f$007\_8$

$\%$ fill in the blank $759$ec$9$fc$906$f$007\_9$

Less: August cash discount

$fill in the blank $759$ec$9$fc$906$f$007\_10$

$\backslash$times fill in the blank $759$ec$9$fc$906$f$007\_11$

$\%$ fill in the blank $759$ec$9$fc$906$f$007\_12$

Cash receipts $fill in the blank $759$ec$9$fc$906$f$007\_13$