Schedule of Cash Collections PetJoy Wholesale Inc., a pet wholesale supplier, was organized on March 1,...

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Answer 1

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As 12% of the total sales is cash sales, the sales on account will be 88% of the total sales

	March	April	May
Total sales	$370,000	$470,000	$610,000
Sales on account [ 88% of total sales ]	$325,600	$413,600	$536,800
Receipts from cash sales:
Cash sales [ 12% of total sales ]	$44,400	$56,400	$73,200
March sales on account:
Collected in March (57%)	$185,592
Collected in April (39%)		$126,984
Collected in May (4%)			$13,024
April sales on account:
Collected in April (57%)		$235,752
Collected May (39%)			$161,304
May sales on account:
Collected in May (57%)			$305,976
Total cash collected	$229,992	$419,136	$553,504

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