Hodge Co. sells merchandise on account and for cash. Specifically, 60% of Hodge's sales are on...

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Hodge Co. sells merchandise on account and for cash. Specifically, 60% of Hodge's sales are on account and 40% are for cash. Credit sales are collected in full in the month following the sale. Hodge predicts sales of $527,000 for April, $537,000 for May, and $562,000 for June. The beginning balance of Accounts Receivable is $295,700 on April 1st. Prepare a schedule of budgeted cash receipts for April, May, and June. 45 April May June Cash sales 40% Sales on account 60% Total sales JASPER COMPANY Schedule of Cash Receipts For April, May, and June April May June Cash receipts from: Cash sales Colection of accounts receivable Total budgeted cash receipts Hodge Co. sells merchandise on account and for cash. Specifically, 60% of Hodge's sales are on account and 40% are for cash. Credit sales are collected in full in the month following the sale. Hodge predicts sales of $527,000 for April, $537,000 for May, and $562,000 for June. The beginning balance of Accounts Receivable is $295,700 on April 1st. Prepare a schedule of budgeted cash receipts for April, May, and June. 45 April May June Cash sales 40% Sales on account 60% Total sales JASPER COMPANY Schedule of Cash Receipts For April, May, and June April May June Cash receipts from: Cash sales Colection of accounts receivable Total budgeted cash receipts

Answer rating: 100% (QA)

APRIL MAY JUNE CASH SALES 40 210800 214800 224800 ... View the full answer