Star Office Supplies Inc. has “cash and carry” customers and account customers. Star estimates that.
Star Office Supplies Inc. has “cash and carry” customers and account customers. Star estimates that 40% 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 first three months of 2006 are: January …….. $200,000 February …… 240,000 March …….. 225,000 The Accounts Receivable balance on December 31, 2005, was $150,000. Prepare a schedule of cash collections from sales for January, February, and March.
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