=+EX 22-18 Schedule of cash collections of accounts receivable obj. 5

✔ Total cash collected in July, $520,350 Office Mate Supplies Inc. has “cash and carry” customers and credit customers. Office Mate 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 first three months of 2010 are as follows:

August $250,000 September 290,000 October 270,000