Schedule of Cash Collections of Accounts Receivable Furry Friends Supplies Inc.,
ID: 2512945 • Letter: S
Question
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:
All sales are on account. 54 percent of sales are expected to be collected in the month of the sale, 36% 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.
May $190,000 June 250,000 July 330,000 Upgrade to macOS High Sierra Enjoy the latest technologies and retinements to your favorite apps Install 22-3 Excercises & Problems Show Me How Calculator Details Learning Objective 5 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 une uly All sales are on account. 54 percent of sales are expected to be collected in the month of the sale, 36% 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. $190,000 250,000 330,000 Furry Friends Supplies Inc. Schedule of Collections from Sales For the Three Months Endi 31 May June July May sales on account Collected in May Colected in June Collected in July June sales on account: Collected in June Collected in July uly sales on account: Collected in July Total cash collected Check My Work 2 more Check My Work uses remaining. Previous Next Assignment Score: 55.86% Email Instructor Save and Exit Submit Assignment for GradingExplanation / Answer
Schedule of collections from sales
May
June
July
May sales on account
Collected in may (190,000*54%)
$102,600
Collected in june (190,000*36%)
$68,400
Collected in july (190,000*10%)
$19,000
June sales on account
Collected in june (250,000*54%)
$135,000
Collected in july (250,000*36%)
$90,000
July sales on account
Collected in july (330,000*54%)
$178,200
Total cash collected
$102,600
$203,400
$287,200
Schedule of collections from sales
May
June
July
May sales on account
Collected in may (190,000*54%)
$102,600
Collected in june (190,000*36%)
$68,400
Collected in july (190,000*10%)
$19,000
June sales on account
Collected in june (250,000*54%)
$135,000
Collected in july (250,000*36%)
$90,000
July sales on account
Collected in july (330,000*54%)
$178,200
Total cash collected
$102,600
$203,400
$287,200
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.