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 $121,000 151,000 221,000 The Accounts Receivable balance on September 30 was $81,000. 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 October November December Receipts from cash sales: Cash sales 30,250 37,750✔ 55,250 September sales on account: Collected in October 81,000 October sales on account: Collected in October 22,688 68,062 Collected in November November sales on account: Collected in November Check My Work 1 more Check My Work uses remaining. 28,313

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 $121,000 151,000 221,000 The Accounts Receivable balance on September 30 was $81,000. 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 October November December Receipts from cash sales: Cash sales 30,250 37,750✔ 55,250 September sales on account: Collected in October 81,000 October sales on account: Collected in October 22,688 68,062 Collected in November November sales on account: Collected in November Check My Work 1 more Check My Work uses remaining. 28,313

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 Receipts
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