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Prepare a schedule indicating cash collections from sales

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Reference no: EM132074037

Question - Schedule of Cash Collections of Accounts Receivable

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 $360,000

April 480,000

May 670,000

The company expects to sell 11% of its merchandise for cash. Of sales on account, 59% are expected to be collected in the month of the sale, 37% 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.

Reference no: EM132074037

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