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

Expert Solution

ekkarill92 answered 1 year ago

Next > < Previous

Related 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 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...

Schedule of Cash Collections PetJoy Wholesale Inc., a pet wholesale supplier, was organized on March 1,...

Schedule of Cash Collections 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 $150,000 April 160,000 May 240,000 The company expects to sell 10% of its merchandise for cash. Of sales on account, 56% 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...

Subjects