Schedule of Cash Collections of Accounts Receivable
Pet Stop 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 $280,000 June 350,000 July 510,000
All sales are on account. Of sales on account, 53% are expected to be collected in the month of the sale, 43% in the first month following the sale, and the remainder in the second month following the sale.
Prepare a schedule indicating cash collections from sales for May, June, and July.
PET STOP INC. Schedule of Collections from Sales
For the Three Months Ending July 31
May June July May sales on account: Collected in May Collected in June Collected in July June sales on account: Collected in June Collected in July July sales on account: Collected in July Total cash collected $ $ $
Schedule of Cash Collections of Accounts Receivable
Pet Stop 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 | $280,000 |
| June | 350,000 |
| July | 510,000 |
All sales are on account. Of sales on account, 53% are expected to be collected in the month of the sale, 43% in the first month following the sale, and the remainder in the second month following the sale.
Prepare a schedule indicating cash collections from sales for May, June, and July.
| PET STOP INC. | |||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Collections from Sales For the Three Months Ending July 31
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Related questions
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 | $170,000 |
| April | 240,000 |
| May | 350,000 |
The company expects to sell 10% of its merchandise for cash. Of sales on account, 51% are expected to be collected in the month of the sale, 44% 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 | $ | $ | $ |
Schedule of Cash Collections of Accounts Receivable
PetJoy Wholesale Inc., a pet wholesale supplier, was organizedon March 1, 2014. Projected sales for each of the first threemonths of operations are as follows:
| March | $350,000 |
| April | 410,000 |
| May | 610,000 |
The company expects to sell 12% of its merchandise for cash. Ofsales on account, 52% are expected to be collected in the month ofthe sale, 44% in the month following the sale, and the remainder inthe second month following the sale.
Prepare a schedule indicating cash collections from sales forMarch, April, and May.
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PetJoy Wholesale Inc., a pet wholesale supplier, was organizedon March 1, 2016. Projected sales for each of the first threemonths of operations are as follows:
| March | $260,000 |
| April | 350,000 |
| May | 480,000 |
The company expects to sell 11% of its merchandise for cash. Ofsales on account, 59% are expected to be collected in the month ofthe sale, 36% in the month following the sale, and the remainder inthe second month following the sale.
Prepare a schedule indicating cash collections from sales forMarch, April, and May.
| PetJoy Wholesale Inc. | |||
| Schedule of Collections from Sales | |||
| 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 | $ | $ | $ |
