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

Percent paid in the month after the sale

Percent paid in the second month after the sale

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

May

June

July

August

$$190,000$

$248,000$

$260,000$

$240,000$

$300,000$

Required:

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:

$

$x$

From June credit sales:I. Schedule $9$: Budgeted Income Statement. Use a m$$nus s$$gn to Indicate a negat$$ve amount.

Allison Manufacturing

Budgeted Income Statement

For the Quarter Ended March $31$

j$.$ Schedule $10$: Cash Budget. If an amount is zero, enter $"0".$ Use a minus sign to enter a negative amount.

Allison Manufacturing

Cash Budget

For the Quarter Ended March $31$

From July credit sales:

Less: July cash discount