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Question - ABC Corporation, a wholesaler, provided the following information:
Month
Merchandise Purchases
Sales
January
$142,000
$172,000
February
$148,000
$166,000
March
$136,000
$165,000
April
$154,000
$178,000
May
$160,000
Customers pay 65% of their balances in the month of sale, 25% in the month following sale, and 10% in the second month following sale. The company pays all invoices in the month following purchase and takes advantage of a 3% discount on all amounts due. Cash payments for operating expenses in May will be $119,500; Parson's cash balance on May 1 was $127,800.
Required -
A. Determine the expected cash collections during May.
B. Determine the expected cash disbursements during May.
C. Determine the expected cash balance on May 31.
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