Schedule of Cash Collections of Accounts Receivable OfficeMart Inc. has "cash and carry" customers and credit customers. OfficeMart estimates that 20% 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 $116,000 November 145,000 December 212,000 The Accounts Receivable balance on September 30 was $78,000. 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: Collected in October fill in the blank 4 October sales on account: Collected in October fill in the blank 5 Collected in November fill in the blank 6 November sales on account: Collected in November fill in the blank 7 Collected in December fill in the blank 8 December sales on account: Collected in December fill in the blank 9 Total cash receipts $fill in the blank 10 $fill in the blank 11 $fill in the blank 12
Schedule of Cash Collections of Accounts Receivable OfficeMart Inc. has "cash and carry" customers and credit customers. OfficeMart estimates that 20% 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 $116,000 November 145,000 December 212,000 The Accounts Receivable balance on September 30 was $78,000. 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: Collected in October fill in the blank 4 October sales on account: Collected in October fill in the blank 5 Collected in November fill in the blank 6 November sales on account: Collected in November fill in the blank 7 Collected in December fill in the blank 8 December sales on account: Collected in December fill in the blank 9 Total cash receipts $fill in the blank 10 $fill in the blank 11 $fill in the blank 12
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Schedule of Cash Collections of
OfficeMart Inc. has "cash and carry" customers and credit customers. OfficeMart estimates that 20% 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 | $116,000 |
| November | 145,000 |
| December | 212,000 |
The Accounts Receivable balance on September 30 was $78,000.
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: | |||
| Collected in October | fill in the blank 4 | ||
| October sales on account: | |||
| Collected in October | fill in the blank 5 | ||
| Collected in November | fill in the blank 6 | ||
| November sales on account: | |||
| Collected in November | fill in the blank 7 | ||
| Collected in December | fill in the blank 8 | ||
| December sales on account: | |||
| Collected in December | fill in the blank 9 | ||
| Total cash receipts | $fill in the blank 10 | $fill in the blank 11 | $fill in the blank 12 |
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