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irga5000 [103]
3 years ago
15

Office World Inc. has "cash and carry" customers and credit customers. Office World estimates that 25% of monthly sales are to c

ash 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 $700,000
November $65,000
December $500,000

The Accounts Receivable balance on September 30 was $290,000.

Required:
Prepare a schedule of cash collections from sales for October, November, and December.
Business
1 answer:
Arlecino [84]3 years ago
4 0

Answer:

                                    Office World Inc.

                                     Cash budget

                                       Amount in $

October                            469,375 .00  

November                        422,187.50

December                        255,312.5 0

Explanation:

The schedule of cash collections for each month will be as spelt out below; 25% of monthly sales, 25% * 75% of the monthly sales and 75% * 75% of the sales in the prior month.

Hence, Cash collection for

October

= 25% * $700,000 + 25% * 75% * $700,000 + 75% * 75% * $290,000

= $469,375

November

= 25% * $65,000 + 25% * 75% * $65,000 + 75% * 75% * $700,000

= $422,187.50

December

= 25% * $500,000 + 25% * 75% * $500,000 + 75% * 75% * $65,000

= $255,312.5 0

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