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In: Accounting
Schedule of Cash Collections of Accounts Receivable Pet Supplies Inc., a pet wholesale supplier, was organized...
Schedule of Cash Collections of Accounts Receivable
Pet Supplies Inc., a pet wholesale supplier, was organized on January 1. Projected sales for each of the first three months of operations are as follows:
| January | $260,000 |
| February | 340,000 |
| March | 510,000 |
All sales are on account. 55% of sales are expected to be collected in the month of the sale, 40% in the month following the sale, and the remainder in the second month following the sale.
Prepare a schedule indicating cash collections from sales for January, February, and March.
| Pet Supplies Inc. | |||
| Schedule of Cash Collections from Sales | |||
| For the Three Months Ending March 31 | |||
| January | February | March | |
| January sales on account: | |||
| Collected in January | $ | ||
| Collected in February | $ | ||
| Collected in March | $ | ||
| February sales on account: | |||
| Collected in February | |||
| Collected in March | |||
| March sales on account: | |||
| Collected in March | |||
| Total cash collected | $ | $ | $ |
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Schedule of Cash Collections of Accounts Receivable Pet Supplies Inc., a pet wholesale supplier, was organized...
Schedule of Cash Collections of Accounts Receivable
Pet Supplies Inc., a pet wholesale supplier, was organized on
January 1. Projected sales for each of the first three months of
operations are as follows:
January
$300,000
February
500,000
March
750,000
All sales are on account. Seventy-five percent of sales are
expected to be collected in the month of the sale, 20% in the month
following the sale, and the remainder in the second month following
the sale.
Prepare a schedule indicating...
Schedule of Cash Collections of Accounts Receivable PetJoy Wholesale Inc., a pet wholesale supplier, was organized...
Schedule of Cash Collections of Accounts Receivable
PetJoy Wholesale Inc., a pet wholesale supplier, was organized
on March 1, 2016. Projected sales for each of the first three
months of operations are as follows:
March
$360,000
April
500,000
May
670,000
The company expects to sell 11% of its merchandise for cash. Of
sales on account, 59% are expected to be collected in the month of
the sale, 37% in the month following the sale, and the remainder in
the second...
Schedule of Cash Collections of Accounts Receivable PetJoy Wholesale Inc., a pet wholesale supplier, was organized...
Schedule of Cash Collections of Accounts Receivable PetJoy
Wholesale Inc., a pet wholesale supplier, was organized on March 1,
2016. Projected sales for each of the first three months of
operations are as follows: March $380,000 April 500,000 May 760,000
The company expects to sell 12% of its merchandise for cash. Of
sales on account, 54% are expected to be collected in the month of
the sale, 41% in the month following the sale, and the remainder in
the second...
Schedule of Cash Collections of Accounts Receivable Pet Place Supplies Inc., a pet wholesale supplier, was...
Schedule of Cash Collections of Accounts Receivable
Pet Place Supplies Inc., a pet wholesale supplier, was organized
on May 1. Projected sales for each of the first three months of
operations are as follows:
May
$320,000
June
440,000
July
630,000
All sales are on account. Of sales on account, 60% are expected
to be collected in the month of the sale, 35% in the month
following the sale, and the remainder in the second month following
the sale.
Prepare a...
Schedule of Cash Collections of Accounts Receivable Pet Place Supplies Inc., a pet wholesale supplier, was...
Schedule of Cash Collections of Accounts Receivable
Pet Place Supplies Inc., a pet wholesale supplier, was organized
on May 1. Projected sales for each of the first three months of
operations are as follows:
May
$340,000
June
470,000
July
640,000
All sales are on account. Of sales on account, 59% are expected
to be collected in the month of the sale, 36% in the month
following the sale, and the remainder in the second month following
the sale.
Prepare a...
Schedule of Cash Collections of Accounts Receivable Furry Friends Supplies Inc., a pet wholesale supplier, was...
Schedule of Cash Collections of Accounts Receivable
Furry Friends Supplies Inc., a pet wholesale supplier, was
organized on May 1. Projected sales for each of the first three
months of operations are as follows:
May
$330,000
June
480,000
July
610,000
All sales are on account. 59 percent of sales are expected to be
collected in the month of the sale, 31% in the month following the
sale, and the remainder in the second month following the sale.
Prepare a schedule...
Schedule of Cash Collections of Accounts Receivable Furry Friends Supplies Inc., a pet wholesale supplier, was...
Schedule of Cash Collections of Accounts Receivable Furry
Friends Supplies Inc., a pet wholesale supplier, was organized on
May 1. Projected sales for each of the first three months of
operations are as follows: May $210,000 June 300,000 July 430,000
All sales are on account. 51 percent of sales are expected to be
collected in the month of the sale, 39% in the month following the
sale, and the remainder in the second month following the sale.
Prepare a schedule...
Schedule of Cash Collections of Accounts Receivable Furry Friends Supplies Inc., a pet wholesale supplier, was...
Schedule of Cash Collections of Accounts Receivable
Furry Friends Supplies Inc., a pet wholesale supplier, was
organized on May 1. Projected sales for each of the first three
months of operations are as follows:
May
$290,000
June
370,000
July
530,000
All sales are on account. 60 percent of sales are expected to be
collected in the month of the sale, 28% in the month following the
sale, and the remainder in the second month following the sale.
Prepare a schedule...
Schedule of Cash Collections of Accounts Receivable Furry Friends Supplies Inc., a pet wholesale supplier, was...
Schedule of Cash Collections of Accounts Receivable
Furry Friends Supplies Inc., a pet wholesale supplier, was
organized on May 1. Projected sales for each of the first three
months of operations are as follows:
May
$380,000
June
470,000
July
690,000
All sales are on account. 50 percent of sales are expected to be
collected in the month of the sale, 39% in the month following the
sale, and the remainder in the second month following the sale.
Prepare a schedule...
Schedule of Cash Collections of Accounts Receivable Furry Friends Supplies Inc., a pet wholesale supplier, was...
Schedule of Cash Collections of Accounts Receivable
Furry Friends Supplies Inc., a pet wholesale supplier, was
organized on May 1. Projected sales for each of the first three
months of operations are as follows:
May
$310,000
June
340,000
July
510,000
All sales are on account. 50 percent of sales are expected to be
collected in the month of the sale, 39% in the month following the
sale, and the remainder in the second month following the sale.
Prepare a schedule...
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