Acuvate Use free at Office.c Question No. 4 (25 Marks) a. Explain briefly the difference between operating cycle and cash cycle (5 Marks) b. In 2020 J. M. Smucker paid a regular quarterly dividend of $.35 a share. (10 Marks) I. Match each of the following sets of dates: (4 Marks) (A1) 17 July 2020 (B1) Record date (A2) 11 August 2020 (B2) Payment date (A3) 12 August 2020 (B3) Ex-dividend date (A4) 1 September 2020 (B4) Declaration date II. On one of these dates the stock price is likely to fall by about the value of the dividend. Which date? Why? (2 Marks) Smucker's stock price in August 2020 was $52. What was the dividend yield? (2 Marks) If earnings per share for 2020 are $4.56, what is the percentage payout rate? (2 Marks) III. IV. C. The following is the sales budget for Nokia, Inc., for the first quarter of 2021: (10 Marks) Sales Budget January $235000 February $260000 March $295000 Credit sales are collected as follows: 65 percent in the month of the sale 20 percent in the month after the sale 15 percent in the second month after the sale The accounts receivable balance at the end of the preious quarter was $173,000 ($136,000 of which was uncollected December sales). 1. II. Compute the sales for November. (3 Marks) Compute the sales for December. (3 Marks) Compute the cash collections from sales for each month from January through March. (4 Marks)