OfficeMart Inc. has cash and carry customers and credit customers. OfficeMart estimates that 20% of monthly...

 

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OfficeMart Inc. has "cash and carry" customers and credit customers. OfficeMart estimates that 20% of monthly sales are to cash customers, while the remaining sales are to credit customers. Of the credit customers, 25% pay their accounts in the month of sale, while the remaining 75% pay their accounts in the month following the month of sale. Projected sales for the next three months are as follows: October November December $119,000 149,000 218,000 The Accounts Receivable balance on September 30 was $80,000. Prepare a schedule of cash collections from sales for October, November, and December. Round all calculations to the nearest whole dollar. OfficeMart Inc. Schedule of Cash Collections from Sales For the Three Months Ending December 31 Receipts from cash sales: Cash sales September sales on account: Collected in October October sales on account: Collected in October Collected in November November sales on account: Collected in November October November 00 December November December 149,000 218,000 The Accounts Receivable balance on September 30 was $80,000. Prepare a schedule of cash collections from sales for October, November, and December. Round all calculations to the nearest whole dollar. OfficeMart Inc. Schedule of Cash Collections from Sales For the Three Months Ending December 31 Receipts from cash sales: October 0 0 0 < Cash sales September sales on account: Collected in October October sales on account: Collected in October Collected in November November sales on account: Collected in November Collected in December November December $ $ 0 00 December sales on account: Collected in December Total cash receipts $ $ $ Check My Work 3 more Check My Work uses remaining. Q Search All work saved. W P Save and Exit Previous Next > Submit Assignment for Grading 5:4 10/24 OfficeMart Inc. has "cash and carry" customers and credit customers. OfficeMart estimates that 20% of monthly sales are to cash customers, while the remaining sales are to credit customers. Of the credit customers, 25% pay their accounts in the month of sale, while the remaining 75% pay their accounts in the month following the month of sale. Projected sales for the next three months are as follows: October November December $119,000 149,000 218,000 The Accounts Receivable balance on September 30 was $80,000. Prepare a schedule of cash collections from sales for October, November, and December. Round all calculations to the nearest whole dollar. OfficeMart Inc. Schedule of Cash Collections from Sales For the Three Months Ending December 31 Receipts from cash sales: Cash sales September sales on account: Collected in October October sales on account: Collected in October Collected in November November sales on account: Collected in November October November 00 December November December 149,000 218,000 The Accounts Receivable balance on September 30 was $80,000. Prepare a schedule of cash collections from sales for October, November, and December. Round all calculations to the nearest whole dollar. OfficeMart Inc. Schedule of Cash Collections from Sales For the Three Months Ending December 31 Receipts from cash sales: October 0 0 0 < Cash sales September sales on account: Collected in October October sales on account: Collected in October Collected in November November sales on account: Collected in November Collected in December November December $ $ 0 00 December sales on account: Collected in December Total cash receipts $ $ $ Check My Work 3 more Check My Work uses remaining. Q Search All work saved. W P Save and Exit Previous Next > Submit Assignment for Grading 5:4 10/24

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OfficeMart Inc Schedule of Cash Collections from Sales For the Three Months Ending December 31 Mo... View the full answer