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Zina [86]
3 years ago
5

Pet Supplies Inc., a pet wholesale supplier, was organized on January 1. Projected sales for each of the first three months of o

perations are as follows: January $310,000 February 350,000 March 510,000 All sales are on account. 58% of sales 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 January, February, and March.
Business
1 answer:
Anon25 [30]3 years ago
6 0

Answer:

Results are below.

Explanation:

Giving the following information:

<u>Sales:</u>

January $310,000

February 350,000

March 510,000

58% of sales are expected to be collected in the month of the sale

37% in the month following the sale

5% in the second month following the sale

<u>Cash collection January:</u>

Cash from sales in account January= (310,000*0.58)= 179,800

Total cash collection= $179,800

<u>Cash collection February:</u>

Cash from sales in account January= (310,000*0.37)= 114,700

Cash from sales in account February= (350,000*0.58)= 203,000

Total cash collection= $317,700

<u>Cash collection March:</u>

Cash from sales in account January= (310,000*0.05)= 15,500

Cash from sales in account February= (350,000*0.37)= 129,500

Cash from sales in account March= (510,000*0.58)= 295,800

Total cash collection= $440,800

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On june 8, williams company issued an $80,000, 5%, 120-day note payable to brown industries. assuming a 360-day year, what is th
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To calculate the maturity of this note,

we use a simple formula first to get the interest which is:

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