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Make ready a schedule indicating cash collections from sales

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Question - 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 $160,000

June 180,000

July 270,000

All sales are on account. 59 percent of sales are expected to be collected in the month of the sale, 30% in the month following the sale, and the remainder in the second month following the sale.

Required - Make ready a schedule indicating cash collections from sales for May, June, and July.

Reference no: EM132776543

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