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Jasper Company has sales on account and for cash. Specifically, 63% of its sales are on account and 37% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $523,000 for April, $533,000 for May, and $558,000 for June. The beginning balance of Accounts Receivable is $291,000 on April 1. Prepare a schedule of budgeted cash receipts for April, May, and June.

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hyderali230

Answer:

Cash Schedule is attached with this answer in pdf format, please find it.

Explanation:

Credit sales are received after some time, usually these sales are based on the credit term decided between the company and the customer. Cash sale are received at the time of sale. In this question 63% of the total sales value is made on credit and 37% are cash sales. It means the 37% value of sales received at the time of sales and 63% are received after some time period ( following month in this question).

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