Question
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
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 | $510,000 |
| June | 770,000 |
| July | 1,370,000 |
All sales are on account. Of sales on account, 53% are expected to be collected in the month of the sale, 32% 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.
Open spreadsheet
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 | $ fill in the blank 2 | |||||
| Collected in June | fill in the blank 3 | |||||
| Collected in July | fill in the blank 4 | |||||
| June sales on account: | ||||||
| Collected in June | fill in the blank 5 | |||||
| Collected in July | fill in the blank 6 | |||||
| July sales on account: | ||||||
| Collected in July | fill in the blank 7 | |||||
| Total cash collected | $ fill in the blank 8 | $ fill in the blank 9 | $ fill in the blank 10 | |||
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