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Home Q & A Board Other Fields Homework Help Business Accounting
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jerico jerico
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Posts: 4603
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9 years ago
The following information pertains to Amigo Corporation:

   Month   Sales   Purchases
   July   $30,000   $10,000
   August   34,000   12,000
   September   38,000   14,000
   October   42,000   16,000
   November   48,000   18,000
   December   60,000   20,000

•   Cash is collected from customers in the following manner:
   Month of sale (2% cash discount)   30%
   Month following sale   50%
   Two months following sale   15%
   Amount uncollectible   5%
•   40% of purchases are paid for in cash in the month of purchase, and the balance is paid the following month.

Required:
a.   Prepare a summary of cash collections for the 4th quarter.
b.   Prepare a summary of cash disbursements for the 4th quarter.
Textbook 
Cost Accounting

Cost Accounting


Edition: 14th
Authors:
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cyborgcyborg
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9 years ago
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jerico Author
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#2
9 years ago
Thank you for the help. I took this course as an elective, glad it's over in three weeks. Great textbook though!
wrote...
#3
9 years ago
I'm happy to help you, how luck with the others, I noticed you've posted a lot of questions.
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