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OfficeMart Inc. has "cash and carry" customers and credit customers. OfficeMart estimates that 20% of...

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Accounting

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, 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 $109,000
November 136,000
December 199,000

The Accounts Receivable balance on September 30 was $73,000.

Prepare a schedule of cash collections from sales for October, November, and December. Round all calculations to the nearest whole dollar.

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OfficeMart Inc. Schedule of Cash Collections from Sales For the Three Months Ending December 31 October November December Receipts from cash sales: Cash sales $21,800 $ 27,200 $ 39,800 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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