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PetJoy Wholesale Inc., a pet wholesale supplier, was organized on March 1, 2016. Projected sales for...

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 $150,000
April 170,000
May 250,000

The company expects to sell 12% of its merchandise for cash. Of sales on account, 52% are expected to be collected in the month of the sale, 44% 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.

PetJoy Wholesale Inc.
Schedule of Cash Collections
For the Three Months Ending May 31, 2016
March April May
Receipts from cash sales:
Cash sales $ $ $
March sales on account:
Collected in March
Collected in April
Collected in May
April sales on account:
Collected in April
Collected in May
May sales on account:
Collected in May
Total cash collected $ $ $
business   accounting   
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Answer #1

Schedule of cash receipt

March April May
Receipts from cash sales:
Cash sales 18000 34000 30000
March sales on account:
Collected in march 68640
Collected in april 58080
Collected in may 5280
April sales on account:
Collected in april 77792
Collected in may 65824
May sales in account
Collected in may 114400
Total Cash collected 86640 169872 215504
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