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, 25% pay their accounts in the month of sale, while the remaining 75% pay their accounts in the month following the month of sale. Projected sales for the next three months are as follows: October November December $124,000 155,000 227,000 The Accounts Receivable balance on September 30 was $83,000. 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 Line Item Description Receipts from cash sales: Cash sales September sales on account: Collected in October October sales on account: Collected in October Collected in November November sales on account: Collected in November Collected in December December sales on account: Collected in December Total cash receipts October November December
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, 25% pay their accounts in the month of sale, while the remaining 75% pay their accounts in the month following the month of sale. Projected sales for the next three months are as follows: October November December $124,000 155,000 227,000 The Accounts Receivable balance on September 30 was $83,000. 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 Line Item Description Receipts from cash sales: Cash sales September sales on account: Collected in October October sales on account: Collected in October Collected in November November sales on account: Collected in November Collected in December December sales on account: Collected in December Total cash receipts October November December
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter8: Budgeting
Section: Chapter Questions
Problem 18E
Related questions
Question
Subject:- Accounting
![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, 25% pay their accounts in the month
of sale, while the remaining 75% pay their accounts in the month following the month of
sale. Projected sales for the next three months are as follows:
October
November
December
The Accounts Receivable balance on September 30 was $83,000.
$124,000
155,000
227,000
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
Line Item Description
Receipts from cash sales:
Cash sales
September sales on account:
Collected in October
October sales on account:
O Collected in October
Collected in November
November sales on account:
Collected in November
Collected in December
December sales on account:
Collected in December
Total cash receipts
Check My Work
October November December
10 00
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Transcribed Image Text: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, 25% pay their accounts in the month
of sale, while the remaining 75% pay their accounts in the month following the month of
sale. Projected sales for the next three months are as follows:
October
November
December
The Accounts Receivable balance on September 30 was $83,000.
$124,000
155,000
227,000
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
Line Item Description
Receipts from cash sales:
Cash sales
September sales on account:
Collected in October
October sales on account:
O Collected in October
Collected in November
November sales on account:
Collected in November
Collected in December
December sales on account:
Collected in December
Total cash receipts
Check My Work
October November December
10 00
Previous Next
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