Calculator Schedule of Cash Collections PetJoy Wholesale Inc., a pet wholesale s

Question

Calculator 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 April May The company expects to sell 12% of its merchandise for cash. Of sales on account, 59% are expected to be coleded 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. $330,000 400,000 520,000 Petoy Wholesale Inc. Schedule of Cash Collections For the Three Months Ending May 31, 2016 March April May Receipts from cash salles: Cash sales March sales on account: Collected in March Previous Next 3-53 P

Explanation / Answer

Schedule of cash collection :

March april May Cash sales 39600 48000 62400 March sales on account Collected in march 171336 collected in april 107448 Collected in may 11616 April sales on account Collected in april 207680 collected in may 130240 May sales on account Collected in may 269984 Total cash collected 210936 363128 474240

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