EX 22-19 Schedule of cash collections of accounts receivable Office Universe Supplies Inc. has “cash and carry" customers and credit customers. Office Universe 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 of 2012 are as follows: August September $120,000 150,000 October 220,000 The Accounts Receivable balance on July 31, 2012, was $80,000. Prepare a schedule of cash collections from sales for August, September, and October.
EX 22-19 Schedule of cash collections of accounts receivable Office Universe Supplies Inc. has “cash and carry" customers and credit customers. Office Universe 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 of 2012 are as follows: August September $120,000 150,000 October 220,000 The Accounts Receivable balance on July 31, 2012, was $80,000. Prepare a schedule of cash collections from sales for August, September, and October.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Hello,
My question reffers to EX 22-19 and your result for September in a second row - 150.500$, I can't seem to get that result no matter how many times I tried, can you explain how did you get that number?
Many thanks!
Transcribed Image Text:EX 22-19 Schedule of cash collections of accounts receivable
Office Universe Supplies Inc. has “cash and carry" customers and credit customers. Office
Universe 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 of 2012 are as follows:
August
September
$120,000
150,000
October
220,000
The Accounts Receivable balance on July 31, 2012, was $80,000.
Prepare a schedule of cash collections from sales for August, September, and October.
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