Question

reassignment-take&inprogress-false Show Me How Schedule of Cash Collections of Accounts Receivable a pet wholesale supplier, was organized on May 1. Projected sales for each of the first three months of operations are as follows: May June July All sales are on account. 60 percent of sales are expected to be collected in the month of the sale, 29% 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. $340,000 500,000 640,000 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: Collerted in Tulv Next Previous Check My Work 2 more Check My Work uses remaining 556 PM 0??@?

And

Answer 1

SCHEDULE FOR COLLECTIONS FROM SALES
			MAY	JUNE	JULY
May Sales on account
Collected In May			204000
Collected IN june				98600
Collected IN july					37400
June sales on account
Collected in June				300000
Collected in July					145000
July sales on account
Collected in July					384000
Total Cash collected			204000	398600	566400
SCHEDULE FOR CASH PAYMENTS OF SELLING AND ADMIN EXPENSE
			MARCH	APRIL	MAY
March expense
Paid in march			80446
paid in April				58254
April expense
Paid in april				72268
Paid in may					52,332
may expense
Paid in may					63858
Total Cash payments			80446	130522	116190