un Awn A B C D E 1. Problem 1: Cash collection schedule 2. 3 ZMart Inc. estimates that 20% of its monthly sales are to cash customers, while the remaining sales are to credit customers. of the credit customers, 30% pay their accounts in the month of sale, while the remaining 6 70% pay their accounts in the month following the month of sale. Projected sales for the next three months are as follows 7 8 9 Total sales October November December 10 Total sales $ 150,000 $ 180,000 $ 210,000 11 12 The account receivable balance on September 30 $67,200 13 14 Required: 15. A. Prepare a cash collection schedule for October, November and December using the format bek 16 17 Zmart Inc. 18 Cash Receipt Schedule for the Three months Ending December 31 20Y1 19 October November December 20 Receipt from cash sales 21 22 September sales on account: 23 Collected in October 24 October sales on account: 25 Collected in October 26 Collected in November 27 November sales on account 28 Collected in November 29 Collected in December 30 December sales on account: 31 Collected in December 32 Total cash receipts 33 34 B. Compute the Account receivable to be reported in the Balance Sheet as at December 31 20Y1 35 36 Account receivable at December 20Y1 37 38 39 40 41 42 Problem 1