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Prepare schedule of cash collections from sales for October

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Problem - 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, 30% pay their accounts in the month of sale, while the remaining 70% pay their accounts in the month following the month of sale. Projected sales for the next three months are as follows:

October $58,000

November 65,000

December 72,000

The Accounts Receivable balance on September 30 was $35,000. Prepare a schedule of cash collections from sales for October, November, and December.

Reference no: EM132716727

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