Refer to the picture please Schedule of Cash Collections of Accounts ReceivablePet 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$160,000February210,000March270,000All sales are on account. 57% of sales are expected to be collected in the month of the sale, 38% 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 SalesFor the Three Months Ending March 31January FebruaryMarchJanuary sales on account:Collected in JanuaryCollected in FebruaryCollected in MarchFebruary sales on account:Collected in FebruaryCollected in MarchMarch sales on account:Collected in MarchTotal cash collected

Statement showing sales on account: Month Amount($) January $160,000 February $210,000…

Answered: Schedule of Cash Collections of…

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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