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Schedule of Cash Collections of Accounts Receivable OfficeMart Inc. has "cash and carry" customers and credit...

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 $107,000 November 134,000 December 196,000 The Accounts Receivable balance on September 30 was $72,000. 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 $ $ $ September sales on account: Collected in October 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 $ $ $

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Prepare a schedule of cash collections from sales for October, November, and December.

October November December
Receipts from Cash sales:
Cash sales 26750 33500 49000
September sales on account:
Collected in October 72000
October sales on account
Collected in October 20063
Collected in November 60187
November sales on account:
Collected in November 25125
Collected in December 75375
December sales on account:
Collected in December 36750
Total cash receipts 118813 118812 161125
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