Schedule of Cash Collections of Accounts Receivable 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, 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 November $132,000 165,000 December 242,000 The Accounts Receivable balance on September 30 was $88,000. 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 Receipts from cash sales: October November December

Schedule of Cash Collections of Accounts Receivable 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, 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 November $132,000 165,000 December 242,000 The Accounts Receivable balance on September 30 was $88,000. 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 Receipts from cash sales: October November December

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter8: Budgeting

Section: Chapter Questions

Problem 18E

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