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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

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 of 2016 are as follows:

August $116,000
September 145,000
October 212,000

The Accounts Receivable balance on July 31, 2016, was $78,000.

Prepare a schedule of cash collections from sales for August, September, and October. Round all calculations to the nearest whole dollar.

Office World Inc. Schedule of Collections from Sales For the Three Months Ending October 31, 2016
August September October
Receipts from cash sales:
Cash sales
July sales on account:
Collected in August
August sales on account:
Collected in August
Collected in September
September sales on account:
Collected in September
Collected in October
October sales on account:
Collected in October
Total cash receipts

Please if you can show me how you got the numbers it would be great. Thank you

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