Schedule of cash collections of accounts receivable Pampered Pal Inc., a pet supplies distributor, was organized on January 1. Projected sales for each of the first three months of operations are as follows: January February March $400,000 600,000 850,000 All sales are on account. Collections are expected as follows: 75% of sales are expected to be collected in the month of the sale, 15% 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 January, February, and March. Enter all amounts as positive numbers. Pampered Pal Inc. Schedule of Cash Collections from Sales For the Three Months Ending March 31 Line Item Description January February March January sales on account: Collected in January 300,000 60.000 25.500 X Collected in February Collected in March February sales on account: Collected in February Collected in March March sales on account: Collected in March Total cash collected 450,000 90,000 637,500 1,387,500 X 150,000 X 662.500 X

Schedule of cash collections of accounts receivable Pampered Pal Inc., a pet supplies distributor, was organized on January 1. Projected sales for each of the first three months of operations are as follows: January February March $400,000 600,000 850,000 All sales are on account. Collections are expected as follows: 75% of sales are expected to be collected in the month of the sale, 15% 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 January, February, and March. Enter all amounts as positive numbers. Pampered Pal Inc. Schedule of Cash Collections from Sales For the Three Months Ending March 31 Line Item Description January February March January sales on account: Collected in January 300,000 60.000 25.500 X Collected in February Collected in March February sales on account: Collected in February Collected in March March sales on account: Collected in March Total cash collected 450,000 90,000 637,500 1,387,500 X 150,000 X 662.500 X

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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