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42. The following information is from White Mountain Furniture Showrooms financial records Month Sales Purchases...

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Accounting

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42. The following information is from White Mountain Furniture Showrooms financial records Month Sales Purchases July $77,000 S51,000 August 66,000 56,000 September 71,000 44,000 October 87 000 62,000 Collections from customers are normally 65 percent in the month of sale, 19 percent in the month following the sale, and 14 percent in the second month follo the sale. The balance is expected to be ases are on account Management takes full advantage of the 2 percent discount wing allowed on purchases paid for by the tenth of the following month Purchases for November are budgeted 564,000, and sales for November are expected to be $16,000 for the month of November The company s cash balance on N S38,000 expenses are ovember 1 was Required 1. Prepare the schedule for expected cash collections during November WHITE MOUNTAIN FURNITURE SHOWROOM Expected Cash Collections November Expected Collections Month Sales Percent Total 2. Prepare the schedule for expected cash disbursements during November WHITE MOUNTAIN FURNITURE SHOWR Expected Cash Disbursement November Cctober purchases to be paid in November Net Cash disbursements for expenses Total

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