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Prepare a schedule indicating cash collections from sales

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Reference no: EM132686143

Problem - Schedule of cash collections of accounts receivable

Pet Mart Wholesale Inc., a pet wholesale supplier, was organized on March 1, 2012. Projected sales for each of the first three months of operations are as follows:

March $90,000

April 150,000

May 240,000

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.

Required - Prepare a schedule indicating cash collections from sales for March, April, and May.

Reference no: EM132686143

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