Reference no: EM131928414
Problem - Wholesale Inc. provided the following information related to merchandise purchases and sales for the first five months of the year:
Month Merchandise Purchases Sales
January $144,000 $173,000
February $142,000 $165,000
March $133,000 $169,000
April $160,000 $180,000
May $159,000 $168,000
Customer payment trends are as follows: 60% in the month of sale, 30% in the month following the sale and 10% in the second month following the sale. The company pays all of its invoices in the month following purchase to take advantage of a 3% discount their supplier offers. Operating expenses to be paid with cash in May will be $110,300. The cash balance as of May 1 was $126,900.
Required: Determine the following:
1. Expected cash collections in May.
2. Expected cash disbursements in May.
3. Expected cash balance on May 31.
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