QUESTION 4 The following information is from Martin Furniture's Company's financial records. Month Sales Purchases $105,000 120,000 90,000 135,000 Jul $180,000 August 165,000 September 150,000 195,000 October Collections from customers are normally 70 percent in the month of sales, 20 percent in the month following the sale and 9 percent in the second month following the sale. The balance is expected to be uncollectible. All purchases are on account. Management takes full advantage of the 2 per cent discount allowed on purchases paid for by the tenth of the following month. Purchases for November are budgeted at $150,000, and sales for November are forecasted at $165,000. Cash disbursements for expenses are expected to be $36,000 for the month of November. The company's cash balance on November 1 was $55,000. Required: Prepare the following schedules: (i) Expected cash collections during November. (ii) Expected cash disbursements during November. (iii) Expected cash balance on November 30