Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please i need it as soon as possible 43) The following information pertains to Ortega Corporation: Month Sales Purchases July $15,000 $5,000 August 17,000 6,000

image text in transcribed
image text in transcribed
please i need it as soon as possible
image text in transcribed
43) The following information pertains to Ortega Corporation: Month Sales Purchases July $15,000 $5,000 August 17,000 6,000 Feedback September 19,000 7,000 October 21,000 8,000 November 24,000 9,000 December 30,000 10,000 - 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% Feedback 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: 1. Prepare a summary of cash collections for the 4th quarter. 2. Prepare a summary of cash disbursements for the 4th quarter. - 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% Feedback 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: 1. Prepare a summary of cash collections for the 4th quarter. 2. Prepare a summary of cash disbursements for the 4th quarter

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Treasury Financial Manual Volume II III And IV

Authors: US Treasury

1st Edition

1790321824, 978-1790321827

More Books

Students also viewed these Accounting questions