Cash Disbursements Schedule Del Spencer is the owner and founder of Del Spencer's Men's Clothing Store. Del Spencer's has its own house charge accounts and has found from past experience that 10 percent of its sales are for cash. The remaining 90 percent are on credit. An aging schedule for accounts receivable reveals the following pattern: 15 percent of credit sales are paid in the month of sale. 65 percent of credit sales are paid in the first month following the sale. 14 percent of credit sales are paid in the second month following the sale. 6 percent of credit sales are never collected. Credit sales that have not been paid until the second month following the sale are considered overdue and are subject to a 3 percent late charge. Del Spencer's has developed the following sales forecast: May $60,000 June 55,000 July 45,000 56,000 August September 83,000 Del Spencer's purchases clothing evenly throughout the month. All purchases are on account. On the first of every month, Jana Spencer, Del's wife, pays for all of the previous month's purchases. Terms are 2/10, n/30 (i.e., a 2 percent discount can be taken if the bill is paid within 10 days; otherwise, the entire amount is due within 30 days). The forecast purchases for the months of May through September are as follows: May $30,000 June 27,500 July 22,500 28,000 August September 41,500 Required: 1. Prepare a cash disbursements schedule for the months of August and September. (Round all cash amounts to the nearest dollar.) Del Spencer's Men's Clothing Store Cash Disbursements edule For the Months of August and September August September July: August: $ Total 2. Now, suppose that Del wants to see what difference it would make to have someone pay within the discount period for any purchases that have been made three times per month, on the 1st, the 11th, and the 21st. Prepare a cash disbursements schedule for the months of July and August assuming this new payment schedule. (Round all cash amounts to the nearest dollar.) Del Spencer's Men's Clothing Store Cash Disbursements Schedule For the Months of July and August July August July 1: $ July 11: July 21: Aug. 1: Aug. 11: Aug. 21: Total 3. Suppose that Jana (who works full-time as a school teacher and is the mother of two small children) does not have time to make payments on two extra days per month and that a temporary employee is hired on the 11th and 21st at $20 per hour, for four hours each of those two days. Given the current purchase levels, is this a good decision