Schedule of Cash Collections of Accounts Receivable Pet Supplies Inc., a pet wholesale supplier, was organized on January 1. Projected sales for each of the first three months of operations are as follows: January $160,000 February 210,000 March 270,000 All sales are on account. 57% of sales are expected to be collected in the month of the sale, 38% in the month following the sale, and the remainder in the second month following the sale. Prepare schedule indicating cash collections from sales for January, February, and March. Pet Supplies Inc. Schedule of Cash Collections from Sales For the Three Months Ending March 31 January February March January sales on account: Collected in January 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
Schedule of Cash Collections of Accounts Receivable Pet Supplies Inc., a pet wholesale supplier, was organized on January 1. Projected sales for each of the first three months of operations are as follows: January $160,000 February 210,000 March 270,000 All sales are on account. 57% of sales are expected to be collected in the month of the sale, 38% in the month following the sale, and the remainder in the second month following the sale. Prepare schedule indicating cash collections from sales for January, February, and March. Pet Supplies Inc. Schedule of Cash Collections from Sales For the Three Months Ending March 31 January February March January sales on account: Collected in January 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Schedule of Cash Collections of Accounts Receivable
Pet Supplies Inc., a pet wholesale supplier, was organized on January 1. Projected sales for each of the first three months of operations are as follows:
January
$160,000
February
210,000
March
270,000
All sales are on account. 57% of sales are expected to be collected in the month of the sale, 38% 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.
Pet Supplies Inc.
Schedule of Cash Collections from Sales
For the Three Months Ending March 31
January February
March
January sales on account:
Collected in January
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F233b04fa-8a5a-44c4-876d-d673ec8ea4e9%2Feaa5a552-2504-4436-80c1-03387acd8659%2Fryeing_processed.png&w=3840&q=75)
Transcribed Image Text:Schedule of Cash Collections of Accounts Receivable
Pet Supplies Inc., a pet wholesale supplier, was organized on January 1. Projected sales for each of the first three months of operations are as follows:
January
$160,000
February
210,000
March
270,000
All sales are on account. 57% of sales are expected to be collected in the month of the sale, 38% 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.
Pet Supplies Inc.
Schedule of Cash Collections from Sales
For the Three Months Ending March 31
January February
March
January sales on account:
Collected in January
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
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