Calculator Schedule of Cash Collections PetJoy Wholesale Inc

Calculator Schedule of Cash Collections PetJoy Wholesale Inc., a pet wholesale supplier, was organized on March 1, 2016. Projected sales for each of the first three months of operations are as follows: March April May The company expects to sell 12% of its merchandise for cash. Of sales on account, 59% are expected to be coleded 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 March, April, and May. $330,000 400,000 520,000 Petoy Wholesale Inc. Schedule of Cash Collections For the Three Months Ending May 31, 2016 March April May Receipts from cash salles: Cash sales March sales on account: Collected in March Previous Next 3-53 P

Solution

Schedule of cash collection :

	March	april	May
Cash sales	39600	48000	62400
March sales on account
Collected in march	171336
collected in april		107448
Collected in may			11616
April sales on account
Collected in april		207680
collected in may			130240
May sales on account
Collected in may			269984
Total cash collected	210936	363128	474240