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

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Accounting

The following information is from White Mountain Furniture Showrooms financial records. Month Sales Purchases July $ 75,000 $ 61,000 August 70,000 60,000 September 63,000 48,000 October 81,000 66,000 Collections from customers are normally 67 percent in the month of sale, 15 percent in the month following the sale, and 16 percent in the second month following the sale. The balance is expected to be uncollectible. All purchases are on account. Management takes full advantage of the 2 percent discount allowed on purchases paid for by the tenth of the following month. Purchases for November are budgeted at $69,000, and sales for November are forecasted at $75,000. Cash disbursements for expenses are expected to be $14,600 for the month of November. The companys cash balance on November 1 was $29,000. Required: 1. Prepare the schedule for expected cash collections during November. 2. Prepare the schedule for expected cash disbursements during November. 3. Prepare the schedule for expected cash balance on November 30.

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