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Roybal Inc. sells all of its product on account. Roybal has the following accounts receivable...

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Accounting

Roybal Inc. sells all of its product on account. Roybal has the following accounts receivable payment experience:

Percent paid in the month of sale 20
Percent paid in the month after the sale 55
Percent paid in the second month after the sale 23

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 $218,500
May 285,200
June 299,000
July 276,000
August 345,000

Required:

Question Content Area

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:
$ % $fill in the blank 6d589e005017045_3
From June credit sales:
$ % fill in the blank 6d589e005017045_6
From July credit sales:
$ % fill in the blank 6d589e005017045_9
Less: July cash discount
$fill in the blank 6d589e005017045_10 fill in the blank 6d589e005017045_11 % fill in the blank 6d589e005017045_12
Cash receipts $fill in the blank 6d589e005017045_13

Question Content Area

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:
$fill in the blank 2a5b68020ff1008_1 fill in the blank 2a5b68020ff1008_2 % $fill in the blank 2a5b68020ff1008_3
From July credit sales:
$fill in the blank 2a5b68020ff1008_4 fill in the blank 2a5b68020ff1008_5 % fill in the blank 2a5b68020ff1008_6
From August credit sales:
$fill in the blank 2a5b68020ff1008_7 fill in the blank 2a5b68020ff1008_8 % fill in the blank 2a5b68020ff1008_9
Less: August cash discount
$fill in the blank 2a5b68020ff1008_10 fill in the blank 2a5b68020ff1008_11 % fill in the blank 2a5b68020ff1008_12
Cash receipts $fill in the blank 2a5b68020ff1008_13
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