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Prepare a schedule of cash collections from sales

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Question - Schedule of Cash Collections of Accounts Receivable - OfficeMart Inc. has "cash and carry" customers and credit customers. OfficeMart estimates that 30% 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 $115,000

November 144,000

December 210,000

The Accounts Receivable balance on September 30 was $77,000.

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

Reference no: EM133115296

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