Office Mart Inc. has "cash and carry" customers and credit customers. Office Mart estimates that 20% of monthly sales are to cash customers, while the remaining sales are to credit customers. Of the credit clients, 20% pay their bills in the month of the sale, while the remaining 80% pay their bills in the month following the month of the sale. Projected sales for the next three months are as below:

October	$129,000
November	161,000
December	236,000

The accounts receivable balance as of September 30 was $86,000.

Prepare a schedule of cash receipts from sales for October, November, and December. Round all calculations to the nearest whole dollar.

office mart inc.
Sales Cash Collection Schedule
For the three months ending December 31
	October	November	December
Cash sales receipts:
cash sales	ps	ps	ps
September sales on account:
collected in October
October sales on account:
collected in October
collected in november
November sales on account:
collected in november
Harvested in December
December sales on account:
Harvested in December
Total cash inflows	ps	ps	ps

Answer rating: 100% (QA)

Schedule of cash collections is shown below Working note Cash sales October1290002025800 Nov... View the full answer