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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 sale.
Prepare a schedule indicating cash collections from sales for March, April, and May.
| PetJoy Wholesale Inc. | |||
| Schedule of Cash Collections | |||
| For the Three Months Ending May 31, 2016 | |||
| March | April | May | |
| Receipts from cash sales: | |||
| Cash sales | $ | $ | $ |
| March sales on account: | |||
| Collected in March | |||
| Collected in April | |||
| Collected in May | |||
| April sales on account: | |||
| Collected in April | |||
| Collected in May | |||
| May sales on account: | |||
| Collected in May | |||
| Total cash collected | $ | $ | $ |
Solutions
Expert Solution
| Working Note | ||||||
| Sales | 150000 | 160000 | 240000 | |||
| Cash sales=10% of total sales | 15000 | 16000 | 24000 | |||
| Credit sales=90% of total sales | 135000 | 144000 | 216000 | |||
| PetJoy Wholesale Inc. | ||||||
| Schedule of cash collections | ||||||
| For the three months ending May 31, 2016 | ||||||
| March | April | May | ||||
| $ | $ | $ | ||||
| Receipts from cash sales | ||||||
| Cash Sales | 15000 | 16000 | 24000 | |||
| March Sales on account | ||||||
| Collected in March(56%) | 75600 | |||||
| Collected in April(40%) | 54000 | |||||
| Collected in May(Remaining 4%) | 5400 | |||||
| April Sales on account | ||||||
| Collected in April(56%) | 80640 | |||||
| Collected in May(40%) | 57600 | |||||
| May Sales on account | ||||||
| Collected in May(56%) | 120960 | |||||
| Total Cash collected | 90600 | 150640 | 207960 | |||
| If above presentation does not fit into answer, please try the alternative presentation as given below | ||||||
| PetJoy Wholesale Inc. | ||||||
| Schedule of cash collections | ||||||
| For the three months ending May 31, 2016 | ||||||
| March | April | May | ||||
| $ | $ | $ | ||||
| Receipts from cash sales | ||||||
| Cash Sales | 15000 | 16000 | 24000 | |||
| March Sales on account | ||||||
| Collected in March(56%) | 75600 | |||||
| Collected in April(40%) | 54000 | |||||
| Collected in May(Remaining 4%) | 5400 | |||||
| April Sales on account | ||||||
| Collected in April(56%) | 80640 | |||||
| Collected in May(40%) | 57600 | |||||
| May Sales on account | ||||||
| Collected in May(56%) | 120960 | |||||
| Total Cash collected | 150000 | 154240 | 144960 | |||
| If you find this answer useful, Please do rate it. | ||||||
| Thank You | ||||||
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