Prepare a schedule indicating cash collections

Reference no: EM13145710

Pet Joy Wholesale Inc., a pet wholesale supplier, was organized on May 1, 2010. Projected sales for each of the first three months of operations are as follows:

May $ 360,000
June 450,000
July 600,000

The company expects to sell 10% of its merchandise for cash. Of sales on account, 50% are expected to be collected in the month of the sale, 35% 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.

Reference no: EM13145710

Questions Cloud

Could an organism be both mr and vp negative : Any organism that uses the Krebs cycle can use citrate and most organisms have the enzymes for the Krebs cycle. Why then do so many organisms test Citrate negative with the citrate test?

Write a program to operate the barriers : The entrance to the car park is on the left hand side. When a car drives into the car park there is a sensor that detects the car and this should cause the barrier to be opened to allow the car in.

List the structures an erythrocyte passes through : List the structures an erythrocyte passes through leaving the veins that drain the brain on the way to the spleen. There are supposed to be 15 structures. I am given brain, internal jugular vein, brachiocephalic vein then there are 15 blanks follo..

Records warranty expense with an adjusting entry : These are the only repairs required in 2010 for this copier. Based on experience, Lee expects to incur warranty costs equal to 3% of dollar sales. It records warranty expense with an adjusting entry at the end of each year

Prepare a schedule indicating cash collections : Prepare a schedule indicating cash collections from sales for May, June, and July.

Explain the pressure and temperature rise : A rigid tank contains 20 lbm of air at 20 psia and 70F. More air is added until the pressure and temperature rise to 35 psia and 90F

What forces are important in shaping and maintaining : Give a specific example of how amino acids create protein domains with particular properties important to the function of that protein.

Create confidence interval for mean life of all bulbs : A simple random sample of 36 bulbs yields a mean lifetime of 504 hours. Construct and interpret a 99% confidence interval for the mean lifetime of all such bulbs.

What pressure is exerted by the box : The bottom of a box has a surface area of 25.0 cm2. The mass of the box is 34.0 kilograms. Acceleration due to gravity at sea level is 9.80 m/s2. What pressure is exerted by the box where it rests?

User Account

All Pages