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The following information was available from Kadune Corporation's books:
2020 Purchases Sales
January 42,000 72,000
February 48,000 66,000
March 36,000 60,000
April 54,000 78,000
Collections from customers are normally 70% in the month of sale, 20% in the month following the sale, and 9% in the second month following the sale. The balance is expected to be uncollectible. Kadune takes full advantage of the 2% discount allowed on purchases paid for by the tenth of the following month. Purchases for May are budgeted at 60,000, while sales for May are forecasted at 66,000. Cash disbursements for expenses are expected to be 14,400 for the month of May. Kadune's cash balance at May 1 was 22,000.
Required:
Question a: Prepare the following schedules:
1. Expected cash collections during May
2. Expected cash disbursements during May
3. Expected cash balance at May 31
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