r account QUESTIONS 15 THROUGH 18 ARE BASED ON THE FOLLOWING DATA OF WOODS COMPANY Woods Company is preparing its cash budget for the month of May. On May 1, Woods has a $20,000 balance in its only cash account. Credir Purchase Sales March - actual 90,000 35,000 April - actual 100,000 25,000 May - budgeted 120,000 50,000 Prior experience has indicated that 50% of a month's sales are collected in the month of sale, 40% in the month following sale, and the remaining 10% in the second month following sale. Woods pays 40% of a month's purchases in the month of purchase and the remaining 60% in the month following purchase. Selling and administrative expenses budgeted for the May total $50,000 including depreciation expense of $10,000. Woods plans to purchase a new delivery truck costing $25,000 in May. The company also plans to pay quarterly cash dividends totaling $15,000 during the month. 15. What is the amount of the estimated collections from credit sales that can be expected during May? $120.000 B. $110,000 C. $109,000 D. $90,000 16. What is the amount of the estimated disbursements for purchases on account that can be expected during May? A. $36,050 B. $40,000 C. $35.000 D. $115,000 A. 17. What is the amount of total cash disbursements for May? A $25,000 B. $40,000 C. $15,000 D. $115.000 18. What is the amount of expected cash balance at May 31? A. $20,000 B. $18,000 C. $14.000 D. $10,000