recolta Part 2 of 5 Knowledge Check 01 IP Company's sales are 20% paid in cash and 80% are on credit collected in full in the month following the sale. If IP's last month's sales were $75,000 and their current month's sales are $100,000, how much cash is collected during the current montie O $60.000 O $80,000 $20,000 $100,000 Knowledge Check 01 IP Company pays for purchases of materials in full in the month following the purchase. During the previous month. I had purchases of $25,000 During the current month, IP had purchases of $30,000 The mot that I will pay during the current month for unhases 25.000 36,75 $25,635 Purchase of equipment Total cash disbursements Preliminary cash balance Loan activity Additional loan from bank Repayment of loan to bank Ending cash balance Loan balance, end of month 143,246 44,706 5.635 320,000 4,365 0 HE Knowledge Check 01 IP Company has a beginning cash balance of $5,000, cash receipts of $20,000: cash disbursements of $15,000. Company's preliminary cash balance is Knowledge Check 01 IP Company has a preliminary cash balance of $25,000 and an agreement with the bank that it will keep a minimum balance of $20,000 IP Company has a beginning loan balance or $12,000 Company inding on balance