Schedule of Cash Collections of Accounts Receivable Pet Stop Inc., a pet wholesa

Question

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 June July All sales are on account. of sales on account, 54% are expected to be collected in the month of the sale, 42% 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 $310,000 430,000 570,000 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

Explanation / Answer

(These are two separate questions. I have answered first as per rule)

Schedule of collection from sales May June July May sales on account Collected in May 167400 Collected in June 130200 Collected in July 12400 June sales on account Collected in June 232200 Collected in July 180600 July sales on account Collected in July 307800 Total cash collected 167400 362400 500800

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