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, 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 $108,000 November 135,000 December 198,000 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. answers

Total cash receipts in October = $137,300

Total cash receipts in November = $120,825

Total cash receipts in December = $164,925

Explanation:

As per the data given in the question,

Total cash receipts in October = Cash sales in October + September sales collection in October + October sales collection in October

= $108,000 × 30% + $86,000 + $108,000 ×70% × 25%

= $137,300

Total cash receipt in November = Cash sales in November + October sales collection in November + November sales collection in November  

= $135,000 × 30% + $108,000 × 70% × 75% + $135,000 × 70% × 25%

= $120,825

Total cash receipt in December = Cash sales in December + November sales collected in December + December sales collected in December

= $198,000×30% + $135,000 × 70% × 75% + $198,000 × 70% × 25%

= $164,925

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