4. Mary and Kay Inc, a distributor of cosmetics throughout Florida, is in the process of assembling a cash budget for the first quarter of 2011. The following information has been extracted from the company's accounting records 10 points eBook . All sales are on account, Sixty percent of customer accounts are collected in the month of sale: 30 percent are collected in the following month. Uncolectibles amounting to 10 percent of sales are anticipated, and management believes that only 20 percent of the accounts outstanding on December 31, 20x0, will be recovered and that the recovery will be in January 20x1. Sixty percent of the merchandise purchases are paid for in the month of purchase the remaining 40 percent are pold for in the month after acquisition The December 31, 20x0, balance sheet disclosed the following selected figurest cash, $55,000; accounts receivable. $220,000, and accounts payable, $77,000 Mary and Kay, Inc., maintains a $55,000 minimum cash balance at all times. Financing is available (and retired) in $1,000 multiples at an 9 percent interest rate, with borrowings taking place at the beginning of the month and repayments occurring at the end of the month. Interest is paid at the time of repaying principal and computed on the portion of principal repaid at that time, Additional data: References Sales revence Merchandise purchases Cash operating coste Proceeds from sale of equipment January February 5560,000 $650,000 310,000 410,000 104,000 83,000 March $665,000 530,000 146,000 26.000 Required: 1. Prepare a schedule that discloses the firm's total cash collections for January through March 2. Prepare a schedule that discloses the firm's total cash disbursements for January through March, 3. Prepare a schedule that summarizes the firm's financing cash flows for January through March Complete this question by entering your answers in the tabs below. Required 1 Required Required 3 Prepare a schedule that discloses the firm's total cash collections for January through March January February March Collection of accounts receivable Collection of January sales Collection of February sales Collection of March Sale of equipment Total cash collections 05 Os 0 Red Required 2 > 4 Mary and Kay, Inc, a distributor of cosmetics throughout Florida, is in the process of assembling a cash budget for the first quarter of 20xt. The following information has been extracted from the company's accounting records 10 polres Bock All sales are on account Sixty percent of customer accounts are collected in the month of sale: 30 percent are collected in the following month Uncollectibles amounting to 10 percent of sales are anticipated, and management believes that only 20 percent of the accounts outstanding on December 31, 20x0, will be recovered and that the recovery will be in January 201 Sixty percent of the merchandise purchases are paid for in the month of purchase the remaining 40 percent are paid for in the month after acquisition The December 31, 20x0, balance sheet disclosed the following selected figures: cash, $55,000, accounts receivable, $220.000 and accounts payable, $77,000 Mary and Kay Inc, maintains a $55,000 minimum cash balance at all times. Financing is available and retired) in $1.000 multiples at an 9 percent interest rate, with borrowings taking place at the beginning of the month and repayments occurring at the end of the month Interest is paid at the time of repaying principal and computed on the portion of principal repaid at that time, . Additional data: PVM Beerences sales revenue Merchandise purchases Cash operating costs Proceeds from sale of equipment JANUARY 5560.000 380,000 104.000 February areh $650,000 $665.000 410,000 530,000 83,000 146,000 26.000 Required: 1. Prepare a schedule that discloses the firm's total cash collections for January through March 2. Prepare a schedule that discloses the firm's total cash disbursements for January through March 3. Prepare a schedule that summarizes the firm's financing cash flows for January through March, Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Prepare a schedule that discloses the firm's total cash disbursements for January through March. January February March Payment of accounts payable Payment of January purchases Payment of February purchases Payment of March purchases Cash operating costs Total cash disbursements 5 0 $ Os 0 4 Mary and Kay, Inc, a distributor of cosmetics throughout Florida, is in the process of assembling a cash budget for the first quarter of 20x1. The following information has been extracted from the company's accounting records Bock . All sales are on account. Sixty percent of customer accounts are collected in the month of sale: 30 percent are collected in the following month. Uncollectibles amounting to 10 percent of sales are anticipated, and management believes that only 20 percent of the accounts outstanding on December 31, 20x0, will be recovered and that the recovery will be in January 20x1, Sixty percent of the merchandise purchases are paid for in the month of purchase the remaining 40 percent are paid for in the month after acquisition The December 31, 20x0, balance sheet disclosed the following selected figures: cash, $55,000; accounts receivable, $220,000; and accounts payable, $77,000 Mary and Kay, Inc., maintains a $55,000 minimum cash balance at all times. Financing is available and retired) in $1,000 multiples at an 9 percent interest rate, with borrowings taking place at the beginning of the month and repayments occurring at the end of the month. Interest is peld at the time of repaying principal and computed on the portion of principal repaid at that time. Additional data: Print ferences Sales revenue Merchandise purchases Cash operating costs Proceeds from sale of equipment January $560,000 300.000 104,000 Tebruary $650.000 410.000 3,000 March 5665,000 530,000 146,000 26,000 Required: 1. Prepare a schedule that discloses the firm's total cash collections for January through March. 2. Prepare a schedule that discloses the firm's total cash disbursements for January through March. 3. Prepare a schedule that summarizes the firm's financing cash flows for January through March Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a schedule that summarizes the firm's financing cash flows for January through March. January February March Beginning cash balance Total receipts Subtotal $ 0 $ 05 0 Less: Total disbursements Cash excess (deficiency) before financing $ 0 $ 0 $ Financing Borrowing to maintain $55,000 balance Loan principal repaid Loan interest paid Ending cash balance $ 0$ 0 $ 0 0