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Jasper Company has 70% of its sales on credit and 30% for cash. All credit...

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Accounting

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Jasper Company has 70% of its sales on credit and 30% for cash. All credit sales are collected in full in the first month following the sale. The company budgets sales of $525,000 for April, $535,000 for May, and $560,000 for June. Total sales for March are $500,000. Prepare a schedule of cash receipts from sales for April, May, and June. May June Cash sales 30% $ $ 168,000 April 157,500 $ 367,500 525,000 $ 160,500 374,500 Sales on account 70% 392,000 Total sales $ 535,000 $ 560,000 JASPER COMPANY Schedule of Cash Receipts from Sales April May June Cash receipts from: Cash sales $ 157,500 $ 160,500 $ 168,000 Collection of accounts receivable Total cash receipts

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