Home / Questions / OfficeMart Inc. has "cash and carry" customers and credit customers. OfficeMart estimates
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.
Dec 05 2019 View more View Less
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