Question

In: Accounting

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 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

$

fill in the blank 1

$

fill in the blank 2

$

fill in the blank 3

March sales on account:

Collected in March

fill in the blank 4

Collected in April

fill in the blank 5

Collected in May

fill in the blank 6

April sales on account:

Collected in April

fill in the blank 7

Collected in May

fill in the blank 8

May sales on account:

Collected in May

fill in the blank 9

Total cash collected

$

fill in the blank 10

$

fill in the blank 11

$

fill in the blank 12

Solutions

Expert Solution

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

 39600 55000 73700

March sales on account:

Collected in March

 189036

Collected in April

 118548

Collected in May

 12816

April sales on account:

Collected in April

 262550

Collected in May

 164650

May sales on account:

Collected in May

 351817

Total cash collected

 228636 436098 602983

ekkarill92 answered 2 years 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 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...
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...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT