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:       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

Q: The management of Sheffield Industries estimates that credit sales for August, September, October,…

A: Cash collection means the amount of money estimated to be collected by the entity from the sales of…

Q: the following are forecasts of sales and purchases for a company.                     Sales…

A: Formula: Cash collections = Sales value x Amount collection percentage

Q: May $310,000 June 400,000 July 510,000 All sales are on account. 54 percent of sales are expected to…

A: The cash budget is prepared by the management to estimate the cash receipt, cash expenses, and cash…

Q: Crane Industries expects credit sales for January, February, and March to be $281,600, $332,800, and…

A: Step 1: Calculate Cash Collections for Each MonthJanuary:Collected in January (75% of January sales)…

Q: Schedule of Cash Collections of Accounts Receivable Furry Friends Supplies Inc., a pet wholesale…

A: Accounts receivable: The amount of money to be received by the company for the sale of goods and…

Q: Power Ridge Corporation has forecast credit sales for the fourth quarter of the year as follows:…

A: Cash receipt schedule is an important tool any firm can use. One can estimate the receipt of the…

Q: Jasper Company has 62% of its sales on credit and 38% for cash. All credit sales are collected in…

A: Cash receipts refers to cash inflow. All cash sale is to be recorded in the month of sale and all…

Q: Beta Company collects 80% of a month's sales in the month of sale and 20% of sales in the following…

A: Cash collections for October = (October sales x 80%)  + (September sales x 20%)

Q: chedule of Cash Collections of Accounts Receivable fficeMart Inc. has "cash and carry" customers and…

A: Lets understand the basics.Management prepare budget in order to estimate future profit and loss…

Q: Schedule of Cash Collections on Accounts Receivable and Cash Budget Roybal Inc. sells all of its…

A: Cash Budget: Cash budget is a financial budget. It is prepared to assess inflows and outflows of…

Q: The table contains the Sales estimates for the next year. The Purchases are 55% of Sales.…

A: Outflow of cash refers to the cash going out of the business. It includes the amount of money paid…

Q: Wiggles Right forecasted sales of $5,000 in October, $4,000 in November, and $4,000 in December. All…

A: Cash Budget is prepared to analyze the cash transaction or cash flow of the business. Non-cash items…

Q: The controller of Sweet Acacia Company estimates sales and production for the first four months of…

A: Budgeting - Budgeting is a method of estimating on the basis of past performance the future…

Conversion Cycle

Conversion cycle is also known as cash cycle or net operating cycle. Conversion cycle refers to how much time a company takes to turn its investments which is done from stock or any other financial resources into cash flows from sales.