Schedule of Cash Collections of Accounts Receivable Office World Inc. has "cash and carry" customers and credit customers. Office World 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 $132,000 165,000 December 242,000 The Accounts Receivable balance on September 30 was $88,000. Prepare a schedule of cash collections from sales for October, November, and December. Round all calculations to the nearest whole dollar. Office World Inc. Schedule of Collections from Sales For the Three Months Ending December 31 Receipts from cash sales: October November December

Schedule of Cash Collections of Accounts Receivable Office World Inc. has "cash and carry" customers and credit customers. Office World 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 $132,000 165,000 December 242,000 The Accounts Receivable balance on September 30 was $88,000. Prepare a schedule of cash collections from sales for October, November, and December. Round all calculations to the nearest whole dollar. Office World Inc. Schedule of Collections from Sales For the Three Months Ending December 31 Receipts from cash sales: October November December

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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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 $113,000 November 141,000 December 207,000 The Accounts Receivable balance on September 30 was $76,000. 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 October November December Receipts from cash sales: Cash sales $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 September sales on account:…
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Schedule of Cash Receipts