Schedule of Cash Collections of Accounts Receivable

Fur Family Inc., a pet wholesale supplier, was organized on May 1. Projected sales for each of the first three months of operations are as follows:

May	$570,000
June	910,000
July	1,590,000

All sales are on account. Of sales on account, 53% are expected to be collected in the month of the sale, 36% in the first month following the sale, and the remainder in the second month following the sale.

This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below.

Prepare a schedule indicating cash collections from sales for May, June, and July. FUR FAMILY INC. Schedule of Collections from Sales For the Three Months Ending July 31 May June July May sales on account: Collected in May A Collected in June Collected in July June sales on account: Collected in June I 1 111 Collected in July July sales on account: Collected in July Total cash collected $ $