**OfficeMart Inc. Sales Analysis**OfficeMart Inc. serves both "cash and carry" customers and credit customers. Based on company estimates:- 30% of monthly sales are made to cash customers.- The remaining 70% of sales are to credit customers.- Of the credit customers: - 40% pay their accounts in the month of sale. - 60% pay their accounts in the month following the sale.**Projected Sales:**| Month | Projected Sales ||--------|-----------------|| April | $56,000 || May | $65,000 || June | $72,000 |The Accounts Receivable balance on March 30 was $35,000.**Task:**Prepare a schedule of cash collections from sales for April, May, and June.

The account receivables are the current assets of the business. The cash collection schedule is…

OfficeMart Inc. has "cash and carry" customers and credit customers. Office Mart estimates that 30% of monthly sales are to cash customers, while the remaining sales are to credit customers. Of the credit customers, 40% pay their accounts in the month of sale, while the remaining 60% pay their accounts in the month following the month of sale. Projected sales for the next three months are as follows: April May June Month Projected sales $56,000 65,000 72,000 The Accounts Receivable balance on March 30 was $35,000. Prepare a schedule of cash collections from sales for April, May, and June.

OfficeMart Inc. has "cash and carry" customers and credit customers. Office Mart estimates that 30% of monthly sales are to cash customers, while the remaining sales are to credit customers. Of the credit customers, 40% pay their accounts in the month of sale, while the remaining 60% pay their accounts in the month following the month of sale. Projected sales for the next three months are as follows: April May June Month Projected sales $56,000 65,000 72,000 The Accounts Receivable balance on March 30 was $35,000. Prepare a schedule of cash collections from sales for April, May, and June.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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