Office World Inc. has "cash and carry" customers and credit customers. Office World 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 next three months are as follows: October $110,000 November 138,000 December 201,000 The Accounts Receivable balance on September 30 was $74,000. Prepare a schedule of cash collections from sales for October, November, and December. Round all calculations to the nearest whole dollar. Office World Inc. Schedule of Collections from Sales For the Three Months Ending December 31 October November December Recelpts from cash sales: Cash sales 27,500 34,500 50,250 September sales on account: Collected in October 74,000 October sales on account: Collected in October Collected in Noember November sales on account: Collected in Novermber Collected in December December sales on account: Collocted in December Tatal cash receipts

Office World Inc. has "cash and carry" customers and credit customers. Office World 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 next three months are as follows: October $110,000 November 138,000 December 201,000 The Accounts Receivable balance on September 30 was $74,000. Prepare a schedule of cash collections from sales for October, November, and December. Round all calculations to the nearest whole dollar. Office World Inc. Schedule of Collections from Sales For the Three Months Ending December 31 October November December Recelpts from cash sales: Cash sales 27,500 34,500 50,250 September sales on account: Collected in October 74,000 October sales on account: Collected in October Collected in Noember November sales on account: Collected in Novermber Collected in December December sales on account: Collocted in December Tatal cash receipts

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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