A B Exercise 22-18 Name Section: Score: 0% Key Code: Key code herol Instructions

Question

A B Exercise 22-18 Name Section: Score: 0% Key Code: Key code herol Instructions Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. An asterisk () will appear to the right of an incorrect entry PET PLACE SUPPLIES INC. Schedule of Collections from Sales For the Three Months Ending July 31,2016 JuneJuly Projected total monthly sales 134.000 S 155,000 169,000 9 20 Percent of Credit Sales May sales on account Collected in May Collected in June Collected in July 24 June sales on account: Collected in June Collected in July July sales on account: Collected in July 25 27 28 31 Total cash collected 34 35

Explanation / Answer

Answer:-

PET PLACE SUPPLIES INC. Schedule of Collections from sales For the Three months ending July 31,2016 Particulars May June July Total Projected monthly sales $ (a) 134000 155000 169000 458000 Cash sales (b= 10%*a) 13400 15500 16900 45800 Credit Sales (90%*a) 120600 139500 152100 503800 Cash Collection 50% in month of sale 120600*50%=60300 139500*50%=69750 152100*50%=76050 206100 35% in following month of sale 120600*35%=42210 139500*35%=48825 91035 15% in the second month following sale 120600*15%=18090 18090 Total cash collections (c) 60300 111960 142965 315225 Total collection (d=b+c) 73700 127460 159865 361025

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