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OfficeMart Inc. has "cash and carry" customers and credit customers. OfficeMart estimates

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.

Tripti 05-Dec-2019

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