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Exercise 8.20 Schedule of Cash Receipts Exercise 8.20 Schedule of Cash Receipts Rosita Flores owns Rosita’s Mexican Restaurant in Tempe, Arizona. Rosita’s is an affordable restaurant near campus and several hotels. Rosita accepts cash and checks. Checks are deposited immediately. The bank charges $0.50 per check; the amount per check averages $75. “Bad” checks that Rosita cannot collect make up 3 percent of check revenue. During a typical month, Rosita’s has sales of $45,000. About 80 percent are cash sales. Estimated sales for the next three months are as follows: Required: Prepare a schedule of cash receipts for May and June. Round your intermediate computations and final answers to the nearest whole number. Rosita’s Mexican Restaurant Schedule of Cash Receipts For the Months of May and June May June Cash sales: $ $ Checks Total $ $    April May June $32,000 45,000 56,000

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