question archive Schedule of Cash Collections of Accounts Receivable OmceMart Inc
Schedule of Cash Collections of Accounts Receivable OmceMart Inc
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Schedule of Cash Collections of Accounts Receivable OmceMart 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 a follows: October $133,000 November 166,000 December 243,000 The Accounts Receivable balance on September 30 was $89,000. 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 $ 33,250 $ 41,500 $ 60,750 September sales on account: Collected in October 89,000 October sales on account: Collected in October Collected in November For the three months Ending December 31 October November December Receipts from cash sales: Cash sales $ 33,250 $ 41,500 $ 60,750 September sales on account: Collected in October 89,000 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 Feedback
