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Jasper Company has sales on account and for cash. Specifically, 64% of its sales are on...

Jasper Company has sales on account and for cash. Specifically, 64% of its sales are on account and 36% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $518,000 for April, $528,000 for May, and $553,000 for June. The beginning balance of Accounts Receivable is $293,500 on April 1.

Prepare a schedule of budgeted cash receipts for April, May, and June

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April May June
Cash sales 36% $186,480 $190,080 $199,080
Sales on account 64% 331,520 337,920 353,920
Total sales $518,000 $528,000 $553,000
JASPER COMPANY
Schedule of Cash Receipts
For April, May, and June
April May June
Cash receipts from:
Cash sales $186,480 $190,080 $199,080
Collection of accounts receivable 293,500
Total budgeted cash receipts $479,980
Business   Accounting   
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