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13. The following information pertains to Dulcinea Corporation: Month July August September October November December Sales 30,000 34,000 38,000 42,000 48,000 60,000 Purchases 10,000 12,000
13. The following information pertains to Dulcinea Corporation: Month July August September October November December Sales 30,000 34,000 38,000 42,000 48,000 60,000 Purchases 10,000 12,000 14,000 16,000 18,000 20,000 Cash is collected from customers in the following manner: Month of sale (2% cash discount)30% Month following sale 50% Two months following sale 15% Amount uncollectible 5% 40% of purchases are paid for in cash in the month of purchase, and the balance is paid the following month. Required (10 points): Prepare a summary of cash collections for the 4th quarter. b. Prepare a summary of cash disbursements for the 4th quarter. a
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