' chrome File Edit View History Bookmarks Profiles Tab Window Help 2\" Q 8 O SunNov12 2:45PM . . II Content x m Question3-CH9 Homework X + v C E eztormheducation.com/ext/map/index.html?_con=con&externa|_browser=0&launchUr|=https%253A%252F%252Fnewconnectmheducationc... 3 Q E] '1} I] 0- CH9 Homework 0 Saved Help Save& Exlt Submit 3 Mary and Kay, lnc., a distributor of cosmetics throughout Florida, is in the process of assembling a cash budget for the rst quarter of 20x1, The following information has been extracted from the company's accounting records: - All sales are on account, Sixty percent of customer accounts are collected in the month ofsale; 35 percent are collected in the 8 following month. Uncollectibles amounting to 5 percent of sales are anticipated, and management believes that only 20 percent of Wm\" the accounts outstanding on December 31, 20x0. will be recovered and that the recovery will be in January 20x1. Seventy percent of the merchandise purchases are paid for in the month of purchase; the remaining 30 percent are paid for in the month after acquisition, The December 31. 20x0. balance sheet disclosed the following selected gures: cash. $20.000; accounts receivable. $55,000: and accounts payable, $22,000, Mary and Kay. |nc.. maintains a $20.000 minimum cash balance at all times. Financing is available (and retired) in $1.000 multiples at an 8 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: skipped January February March Sales revenue $150,000 $180,000 $105,000 Merchandise purchases 90,000 100,000 140,000 Cash operating costs 31.000 24,000 45,000 Rermnces Proceeds from sale of equipment: 5,000 Required: 1. Prepare a schedule that discloses the rm'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 nancing 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 discloses the rm's total cash collections for January through March. l Collection of accounls receivable ' Collection of January sales loonecrion of February sales l Collection of March sales