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67 Please put correct answer in the underlined space provided.
L
L The following information was available from ABC Company’s financial records.
L Other
10 Year 2004 Sales Purchases Expenses
1L April 3 86,400 $ 50,400 $ 18,000
12_ May 79,200 57,600 16,560
111 June 72,000 43,200 17,040
11 July 93,600 64,800 18,960
13 August 79.200 72,000 17,250
15 Collections from customers are normally as follows:
1L Month of sale 70%
187 Month [allowing sale 20%
1% Second month following sale 9%
20_ The balance is expected to be uncollectible.
2L
2; The company takes full advantage of discount allowed on purchases paid tor by the
21 tenth of the following month.
2L Discount allowed 2%
21
2g other expenses are paid for during the month of expenses.
27_
287 The company’s cash balance on August 1 was 3 26.400
21
307 Required:
317 a) Compute the estimated total cash collections during August. (2 Marks)
3;
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31
35,
35.
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33
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4L b) Compute the estimated total cash disbursement during August. (2 Marks)
4;
43_
447
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45
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51L
5L c) Compute the cash balance on August 31. (1 Mark)
51L
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