TAREA 5 CAP 9 Saved Help Save & Exit Submlt 3 Check my work Problem 9-33 Cash Budgeting (LO 9-3, 9-5) 10 points Mary and Kay, Inc., a distributor o 20x1. The following information has been extracted from the company's accounting f cosmetics throughout Florida, is in the process of assembling a cash budget for the first quarter of Skipped All sales are on account. Sixty percent of customer accounts are collected in the month of sale; 30 percent are collected in the fol llowing month. Uncollectibles amounting to 10 percent of sales are anticipated, and management believes that only 20 percent of t he accounts outstanding on December 31, 20x0, will be recovered and that the recovery will be in January 20x1 . Six ty percent of the merchandise purchases are paid for in the month of purchase; the remaining 40 percent are paid for in the month after acquisition eBook Print e The December 31, 20x0, balance sheet disclosed the following selected figures: cash, $80,000; accounts receivable, $200,000; and accounts payable, $73,000 Mary and Kay, Inc. maintains a $80,000 minimum cash balance at all times. Financing is available (and retired) in $1,000 multiples at an 9 percent interest rate, with borrowings taking place at the beginning of the month and repayments occurring at the end of the month. Interest is paid at the time of repaying principal and computed on the portion of principal repaid at that time. . Additional data: March Sales revenue Merchandise purchases Cash operating costs Proceeds from sale of equipment January February 520,000 $610,000 625,000 340,000 370,000 490,000 100,000 79,000 142,000 22,000 Required 1. Prepare a schedule that discloses the firm's total cash collections for January through March. 2. Prepare a schedule that discloses the firm's total cash disbursements for January through March. 3. Prepare a schedule that summarizes the firm's financing cash flows for January through March. Mc Graw Hill