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.
Homework Answers
Answer-
| OFFICEMART INC. | |||
| Schedule of cash collections from sales | |||
| For the three months ending December 31 | |||
| Particulars | October | November | December |
| $ | $ | $ | |
| Projected monthly sales $ (a) | 109000 | 136000 | 199000 |
| Cash sales (b= 20%*a) | 21800 | 27200 | 39800 |
| Credit Sales (80%*a) | 87200 | 108800 | 159200 |
| Cash Receipts from Customers: | |||
| September sales on account:- | |||
| Collected in October | 73000 | ||
| October sales on account:- | |||
| Collected in October | $87200*20%= 17440 | ||
| Collected in November | $87200*80%= 69760 | ||
| November sales on account:- | |||
| Collected in November | 108800*20%= 21760 | ||
| Collected in December | 108800*80%= 87040 | ||
| December sales on account:- | |||
| Collected in December | 159200*20%= 31840 | ||
| Total cash collection $ (c) | 90440 | 91520 | 118880 |
| Total cash receipts (d=b+c) | 112240 | 118720 | 158680 |
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