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 | $320,000 |
June | 460,000 |
July | 630,000 |
All sales are on account. 57 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 | $ | $ | $ |
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 | $1,82,400.00 | ||
Collected in June | $1,02,400.00 | ||
Collected in July | $ 35,200.00 | ||
June sales on account: | |||
Collected in June | $2,62,200.00 | ||
Collected in July | $1,47,200.00 | ||
July sales on account: | |||
Collected in July | $3,59,100.00 | ||
Total cash collected | $1,82,400.00 | $3,64,600.00 | $5,41,500.00 |
Working
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 | =320000*57% | ||
Collected in June | =320000*32% | ||
Collected in July | =320000*11% | ||
June sales on account: | |||
Collected in June | =460000*57% | ||
Collected in July | =460000*32% | ||
July sales on account: | |||
Collected in July | =630000*57% |
Schedule of Cash Collections of Accounts Receivable Furry Friends Supplies Inc., a pet wholesale supplier, was...
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