Schedule of Cash Collections of Accounts Receivable Pet Place 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 $170,000 June 180,000 July 230,000 All sales are on account. Of sales on account, 50% are expected to be collected in the month of the sale, 45% 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. Pet Place Supplies Inc. Schedule of Cash Collections from Sales For the Three Months Ending July 31 May June 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 85,000 ✓ 85,000 ✓ 81,000 X 90,000 171,000 X July 11,500 X 103,500 X 115,000 ✓ 230,000 X

Schedule of Cash Collections of Accounts Receivable Pet Place 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 $170,000 June 180,000 July 230,000 All sales are on account. Of sales on account, 50% are expected to be collected in the month of the sale, 45% 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. Pet Place Supplies Inc. Schedule of Cash Collections from Sales For the Three Months Ending July 31 May June 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 85,000 ✓ 85,000 ✓ 81,000 X 90,000 171,000 X July 11,500 X 103,500 X 115,000 ✓ 230,000 X

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter8: Budgeting

Section: Chapter Questions

Problem 17E

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Schedule of Cash Collections of Accounts Receivable Pet Supplies Inc., a pet wholesale supplier, was organized on January 1. Projected sales for each of the first three months of operations are as follows: January $160,000 February 240,000 March 340,000 All sales are on account. 58% of sales are expected to be collected 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 January, February, and March. Pet Supplies Inc. Schedule of Cash Collections from Sales For the Three Months Ending March 31 January February March January sales on account: Collected in January $ Collected in February $ Collected in March $ February sales on account: Collected in February Collected in March March sales on account: Collected in March Total cash collected $ $ $
Schedule of Cash Collections of Accounts Receivable Pet Supplies Inc., a pet wholesale supplier, was organized on January 1. Projected sales for each of the first three months of operations are as follows: January $300,000 February 500,000 March 750,000 All sales are on account. Seventy-five percent of sales are expected to be collected in the month of the sale, 20% 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 January, February, and March. Enter all amounts as positive numbers.
Schedule of Cash Collections of Accounts Receivable Pet Supplies Inc., a pet wholesale supplier, was organized on January 1. Projected sales for each of the first three months of operations are as follows: January $300,000 February 500,000 March 750,000 All sales are on account. Seventy-five percent of sales are expected to be collected in the month of the sale, 20% 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 January, February, and March. Enter all amounts as positive numbers. Pet Supplies Inc. Schedule of Cash Collections from Sales For the Three Months Ending March 31 January February March January sales on account: Collected in January $fill in the blank 1 Collected in February $fill in the blank 2 Collected in March $fill in the blank 3 February sales on account: Collected in February fill in the blank 4…