Please do not give solution in image format thanku Schedule of cash collections of accounts receivableOfficeMart 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$124,000November155,000December227,000The Accounts Receivable balance on September 30 was 183,000Prepare 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 SalesFor the Three Months Ending December 31Line Item DescriptionReceipts from cash salesCash salesSeptember sales on accountCollected in OctoberOctuber sales on accountCollected in OctoberCollected in NovemberNovember sales on accountcollected in NovemberCollected in DecemberDecember sales on accountColected in DecemberOctober November December0000 00 0

Management prepare budget in order to estimate future profit and loss from the business.Mangement…

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 $124,000 155,000 227,000 The Accounts Receivable balance on September 30 was $83,000 November December 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 Octuber sales on account Collected in October Collected in November November sales on account: Collected in November Collected in December December sales on account Colected in December Total cash receipts October November December 00 10 10 000

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 $124,000 155,000 227,000 The Accounts Receivable balance on September 30 was $83,000 November December 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 Octuber sales on account Collected in October Collected in November November sales on account: Collected in November Collected in December December sales on account Colected in December Total cash receipts October November December 00 10 10 000

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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