Company has sales on account and for cash Spedically 60 of i

Company has sales on account and for cash. Spedically 60% of its sales are on account and 40% are for cash. Credit sales are collected In full in the month following the sale. The company forecasts sales of $528,000 for Aprl, $538,000 for May, and $563,000 for June. The beginning balance of Accounts Recevable is $306.900 on Apni t1 Prepare a schedule of budgeted cash recelpts for April, May, and June 40% Schedule of Cash Receipts

Solution

Dear Student Thank you for using Chegg Please find below the answer Statementshowing Computations Paticulars April May June Cash Sales 40%         211,200.00            215,200.00            225,200.00 Sales on Account 60%         316,800.00            322,800.00            337,800.00 Total Sales         528,000.00            538,000.00            563,000.00 Cash receipts from: Cash sales         211,200.00            215,200.00            225,200.00 Collection of accounts receivable         306,900.00            316,800.00            322,800.00 Total Budgeted cash receipts         518,100.00            532,000.00            548,000.00