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The following information is from White Mountain Furniture Showroom’s financial records.   Month Sales Purchases   July $ 75,000 $ 48,000   August 75,000 47,000   September 68,000 35,000   October 72,000 53,000      Collections from customers are normally 66 percent...

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Accounting

The following information is from White Mountain FurnitureShowroom’s financial records.
  MonthSalesPurchases
  July$75,000$48,000
  August75,00047,000
  September68,00035,000
  October72,00053,000

     Collections from customers arenormally 66 percent in the month of sale, 16 percent in the monthfollowing the sale, and 16 percent in the second month followingthe sale. The balance is expected to be uncollectible. Allpurchases are on account. Management takes full advantage of the 2percent discount allowed on purchases paid for by the tenth of thefollowing month. Purchases for November are budgeted at $67,000,and sales for November are forecasted at $73,000. Cashdisbursements for expenses are expected to be $14,400 for the monthof November. The company’s cash balance on November 1 was$37,000.

Required:
1.

Prepare the schedule for expected cash collections duringNovember.

2.

Prepare the schedule for expected cash disbursements duringNovember.

3.Prepare the schedule for expected cash balance on November30.

     

Answer & Explanation Solved by verified expert
4.4 Ratings (793 Votes)
Schedule for Expected Cash Collections during November66 ofNovember Sales 4818016 ofOctober Sales    See Answer
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