And reassignment-take&inprogress-false; Show Me How Schedule of Cash Collections

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And

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??@?

Explanation / Answer

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

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