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	$275,500
May	359,600
June	377,000
July	348,000
August	435,000

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 92bde705ff8507d_1 fill in the blank 92bde705ff8507d_2 %				$fill in the blank 92bde705ff8507d_3
From June credit sales:
$fill in the blank 92bde705ff8507d_4 fill in the blank 92bde705ff8507d_5 %				fill in the blank 92bde705ff8507d_6
From July credit sales:
$fill in the blank 92bde705ff8507d_7 fill in the blank 92bde705ff8507d_8 %				fill in the blank 92bde705ff8507d_9
Less: July cash discount
$fill in the blank 92bde705ff8507d_10 fill in the blank 92bde705ff8507d_11 %				fill in the blank 92bde705ff8507d_12
Cash receipts				$fill in the blank 92bde705ff8507d_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 8af488f4107efe5_1 fill in the blank 8af488f4107efe5_2 %				$fill in the blank 8af488f4107efe5_3
From July credit sales:
$fill in the blank 8af488f4107efe5_4 fill in the blank 8af488f4107efe5_5 %				fill in the blank 8af488f4107efe5_6
From August credit sales:
$fill in the blank 8af488f4107efe5_7 fill in the blank 8af488f4107efe5_8 %				fill in the blank 8af488f4107efe5_9
Less: August cash discount
$fill in the blank 8af488f4107efe5_10 fill in the blank 8af488f4107efe5_11 %				fill in the blank 8af488f4107efe5_12
Cash receipts				$fill in the blank 8af488f4107efe5_13