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 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 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 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