Preparing schedule indicating cash collections of accounts

Reference no: EM13142543

Moore Company was organized on March 1 of the current year. Projected sales for each of the first three months of operations are as follows:

March $240,000

April 255,000

May 290,000

The company expects to sell 20% of its merchandise for cash. Of sales on account, 50% are expected to be collected in the month of the sale, 30% in the month following the sale, and the remainder in the following month. Prepare a schedule indicating cash collections of accounts receivable for March, April, and May.

Reference no: EM13142543

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