Schedule of Cash Collections of Accounts Receivable OfficeMart Inc. has cash and carry customers and credit...

 

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Schedule of Cash Collections of Accounts Receivable OfficeMart Inc. has "cash and carry" customers and credit customers. OfficeMart estimates that 25% of monthly sales are to cash customers, while the remaining sales are to credit customers. Of the credit customers, 20% pay their accounts in the month of sale, while the remaining 80% pay their accounts in the month following the month of sale. Projected sales for the next three months are as follows: October November $109,000 136,000 December 199,000 The Accounts Receivable balance on September 30 was $73,000. Prepare a schedule of cash collections from sales for October, November, and December. Round all calculations to the nearest whole dollar. Schedule of Cash Collections of Accounts Receivable OfficeMart Inc. has "cash and carry" customers and credit customers. OfficeMart estimates that 25% of monthly sales are to cash customers, while the remaining sales are to credit customers. Of the credit customers, 20% pay their accounts in the month of sale, while the remaining 80% pay their accounts in the month following the month of sale. Projected sales for the next three months are as follows: October November $109,000 136,000 December 199,000 The Accounts Receivable balance on September 30 was $73,000. Prepare a schedule of cash collections from sales for October, November, and December. Round all calculations to the nearest whole dollar.

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