Prepare a summary of cash collections and disbursements of 2 quarter

The following information pertains to Stark Corporation: Month Sales Purchases Jan $30,000 $10,000 Feb 34,000 12,000 Mar 38,000 14,000 Ap 42,000 16,000 May 48,000 18,000 June 60,000 20,000 Cash is collected from customers in the following manner: Month of sale* 30% Month following sale 50% Two months following sale 15% Amount uncollectible 5% * Customers paying in the month of sale receive a 2% cash discount. 40% of purchases are paid for in cash in the month of purchase, and the balance is paid the following month. a. Prepare a summary of cash collections for the 2nd quarter. (12 marks)