Schedule of Cash Collections of Accounts ReceivableFurry Friends Supplies Inc., a pet wholesale supplier, was organized on May 1. Projected sales for each of the first three months of operationsare as followsMay$240,000June310,000July420,000All sales are on account. 56 percent of sales are expected to be collected in the month of the sale, 32% in the month following the sale, and theremainder in the second month following the sale.Prepare a schedule indicating cash collections from sales for May, June, and JulyFurry Friends Supplies Inc.Schedule of Collections from SalesFor the Three Months Ending May 31MayJulyJuneMay sales on account:Collected in MayCollected in JuneCollected in JulyJune sales on account:Collected in JuneCollected in July May$240,000June310,000July420,000All sales are on account. 56 percent of sales are expected to be collected in the month of the sale, 32% in the month following the sale, and theremainder in the second month following the sale.Prepare a schedule indicating cash collections from sales for May, June, and JulyFurry Friends Supplies Inc.Schedule of Collections from SalesFor the Three Months Ending May 31MayJuneJulyMay sales on account:Collected in MayCollected in JuneCollected in JulyJune sales on account:Collected in JuneCollected in JulyJuly sales on account:Collected in JulyTotal cash collected

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Asked Nov 7, 2019
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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
$240,000
June
310,000
July
420,000
All sales are on account. 56 percent of sales are expected to be collected in the month of the sale, 32% 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 May, June, and July
Furry Friends Supplies Inc.
Schedule of Collections from Sales
For the Three Months Ending May 31
May
July
June
May sales on account:
Collected in May
Collected in June
Collected in July
June sales on account:
Collected in June
Collected in July
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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 $240,000 June 310,000 July 420,000 All sales are on account. 56 percent of sales are expected to be collected in the month of the sale, 32% 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 May, June, and July Furry Friends Supplies Inc. Schedule of Collections from Sales For the Three Months Ending May 31 May July June May sales on account: Collected in May Collected in June Collected in July June sales on account: Collected in June Collected in July

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May
$240,000
June
310,000
July
420,000
All sales are on account. 56 percent of sales are expected to be collected in the month of the sale, 32% 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 May, June, and July
Furry Friends Supplies Inc.
Schedule of Collections from Sales
For the Three Months Ending May 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
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May $240,000 June 310,000 July 420,000 All sales are on account. 56 percent of sales are expected to be collected in the month of the sale, 32% 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 May, June, and July Furry Friends Supplies Inc. Schedule of Collections from Sales For the Three Months Ending May 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

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Step 1

A cash budget represents the estimated cash inflows and cas...

T
U
W
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Furry Friends Supplies Inc.
Cash Budget
For the Three months Ending May 31
June
11
12
13
July
14 Particulars
Total
May
15
16 May Sales
240000
X16 56%
17 Collected in May
18 Collected in June
19 Collected in July
20 June Sales
21 Collected in June
22 Collected in July
23 July Sales
24 Collected in July
=X16*32%
X16*12%
310000
=X20 56%
=x20*32%
420000
x23*56%
25
26 Total Cash Collected -SUM(U17:U25) -SUM(V17:V25) =SUM(W17:W25)
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T U W х Furry Friends Supplies Inc. Cash Budget For the Three months Ending May 31 June 11 12 13 July 14 Particulars Total May 15 16 May Sales 240000 X16 56% 17 Collected in May 18 Collected in June 19 Collected in July 20 June Sales 21 Collected in June 22 Collected in July 23 July Sales 24 Collected in July =X16*32% X16*12% 310000 =X20 56% =x20*32% 420000 x23*56% 25 26 Total Cash Collected -SUM(U17:U25) -SUM(V17:V25) =SUM(W17:W25)

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