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Schedule of Cash Collections on Accounts Receivable and Cash Budget Roybal Inc

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Schedule of Cash Collections on Accounts Receivable and Cash Budget

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

$256,500

 

May

334,800

 

June

351,000

 

July

324,000

 

August

405,000

 

Required:

1. make 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 2d7f7c027046064_1 × fill in the blank 2d7f7c027046064_2 %

$fill in the blank 2d7f7c027046064_3

From June credit sales:

$fill in the blank 2d7f7c027046064_4 × fill in the blank 2d7f7c027046064_5 %

fill in the blank 2d7f7c027046064_6

From July credit sales:

$fill in the blank 2d7f7c027046064_7 × fill in the blank 2d7f7c027046064_8 %

fill in the blank 2d7f7c027046064_9

Less: July cash discount

$fill in the blank 2d7f7c027046064_10 × fill in the blank 2d7f7c027046064_11 %

fill in the blank 2d7f7c027046064_12

Cash receipts

$fill in the blank 2d7f7c027046064_13

2. make 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 243121fd1053fd6_1 × fill in the blank 243121fd1053fd6_2 %

$fill in the blank 243121fd1053fd6_3

From July credit sales:

$fill in the blank 243121fd1053fd6_4 × fill in the blank 243121fd1053fd6_5 %

fill in the blank 243121fd1053fd6_6

From August credit sales:

$fill in the blank 243121fd1053fd6_7 × fill in the blank 243121fd1053fd6_8 %

fill in the blank 243121fd1053fd6_9

Less: August cash discount

$fill in the blank 243121fd1053fd6_10 × fill in the blank 243121fd1053fd6_11 %

fill in the blank 243121fd1053fd6_12

Cash receipts

$fill in the blank 243121fd1053fd6_13