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.

March - actual ...................................................

April - actual ...................................................

May - budgeted ................................................

Credit Sales (respectively) 90,000 100,000 120,000

Purchase on account (respectively) 35,000 25,000 50,000

Prior experience has indicated that 50% of a months 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 months 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.

A.What is the amount of the estimated collections from credit sales that can be

B. What is the amount of the estimated disbursements for purchases on account that can be expected during May?

C. What is the amount of total cash disbursements for May?

D. What is the amount of expected cash balance at May 31?

** Show all steps and formulas in detail. Greatly appreciated !!! **