question archive Furry Friends Supplies Inc
Furry Friends Supplies Inc
Subject:AccountingPrice:2.86 Bought5
Furry Friends Supplies 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 $160,000
June 180,000
July 270,000
All sales are on account. 59 percent of sales are expected to be collected in the month of the sale, 30% in the month following the sale, and the remainder in the second month following the sale.
make ready a schedule indicating cash collections from sales for May, June, and July.
Furry Friends Supplies Inc.
Schedule of Collections from Sales
For the Three Months Ending May 31.
May June July
May sales on account:
Collected in May : $?
June sales on account:
Collected in June: $?
July sales on account:
Collected in July:$ ?
