At Lyman Company, past experience reveals that 10% of sales are for cash and the remaining 90% are on credit. Lyman Company expects to collect 30% of its credit sales in the month of sale, 50% in the month following sale, and 18% in the second month following sale. Which ONE of the following is part of the cash collections expected to be made in January? O Cash sales from the preceding December O Cash collections of credit sales from the preceding December O Cash collections of credit sales from the preceding September Cash sales from the preceding November

Schedule of Cash Collections of Accounts Receivable Pet Supplies Inc., a pet wholesale supplier, was organized on January 1. Projected sales for each of the first three months of operations are as follows: January $300,000 February 500,000 March 750,000 All sales are on account. Seventy-five percent of sales are expected to be collected in the month of the sale, 20% in the month following the sale, and the remainder in the second month following the sale. Prepare a schedule indicating cash collections from sales for January, February, and March. Enter all amounts as positive numbers.

Preparing a Schedule of Cash Collections on Accounts Receivable Kailua and Company is a legal services firm. All sales of legal services are billed to the client (there are no cash sales). Kailua expects that, on average, 20% will be paid in the month of billing, 50% will be paid in the month following billing, and 25% will be paid in the second month following billing. For the next 5 months, the following sales billings are expected: May $84,000 June 100,800 July 77,000 August 87,500 September 91,000 Required: Prepare a schedule showing the cash expected in payments on accounts receivable in August and in September. If an amount box does not require an entry, leave it blank or enter "0". Be sure to enter percentages as whole numbers. Kailua and Company Schedule         August   September June:             $fill in the blank 1 × fill in the blank 2 %       $fill in the blank 3   $fill in the blank 4 July:             $fill in the blank 5 × fill in the blank…

< Innovative Office Inc. has "cash and carry" customers and credit customers. Innovative Office estimates that 25% 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 first three months of 20Y4 are as follows: January February March The Accounts Receivable balance on December 31, 20Y3, was $72,000. Prepare a schedule of cash collections from sales for January, February, and March. INNOVATIVE OFFICE INC. Schedule of Collections from Sales For the Three Months Ending March 31, 20Y4 January February Receipts from cash sales: Cash sales December sales on account: Collected in January January sales on account: Collected in January Collected in February February sales on account: Collected in February Collected in March March sales on account: Collected in March $107,000…