Schedule of Cash Collections on Accounts Receivable and Cash Budget 20 55 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 $190,000 23 May 248,000 June 260,000 July 240,000 August 300,000 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: 248,000 x 23 57,040 From June credit sales: 260,000 x 55 % 143,000 From July credit sales: 240,000 x 20 % 48,000 Less: July cash discount $ -240,000 X X 2 -4,800 Cash receipts 243,240 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: 260,000 x 59,800 From July credit sales: 23 240,000 x 55 132,000 From August credit sales: 300,000 20 % 60,000 Less: August cash discount -300,000 X X 2 % -6,000 X Cash receipts 245,800 X