typo error it would be 65% collected withinn the month and 30% the following month and 5% uncollectable

typo error it would be 65% collected withinn the month and 30% the following month and 5% uncollectable

XYZ Company prepares its master budget on a quarterly basis, following is the information for the 2^nd quarter of 2015 Accounts balances: a. All sales are on account. 60% is collected in the month of sale, 30% the following month, the remaining 5% is uncollectable. b. Only 20% of Accounts Receivable will be collected in April c. 70% of the purchases are paid for in the month of purchase, the remaining 30% is paid the month following the purchase. d. During May the company will purchase equipment for $5,000 e. During April the company will declare and pay $15,000 in cash dividends f. XYZ maintains a $20,000 minimum cash balance at all times, financing is available in $1,000 increments at 8% interest, borrowing is done at the beginning of the month and repayment is done at the end of the month Principal and interest are paid at the same time. 1. Prepare a schedule of cash collections 2. Prepare a schedule of cash disbursements 3. Prepare a Cash Budget