The following is selected financial information for the Reagan Gallery Ltd. for the month of March.

28-Feb should be 31-Mar

Requirement

Provide the gallery's manager with the following information for March:

a. Total cash disbursements

b. Sales (revenue)

c. Cash payments to Notes Payable

d. Insurance expense

e. Cost of goods sold

f. Net income

Balance Account Cash Accounts receivable Inventory Prepaid insurance Accounts payable Notes payable Retained earnings 01-Mar $130,438 7448 231,576 11,706 170,611 2,378 145,007 Additional information for the month of 28-Feb March $216,488 Total cash receipts $200,000 7,663 Collect $100,000 cash from customers 217,788 11,290 Pay $1,000 on insurance policy 171,112 Pay $350,289 to purchase inventory 4,483 New borrowing $5,000 124,089 Declare $100 dividends