CASE 2 (20 points)

Here are the relevant estimates for the budget preparation of Michel Corporation for the fourth quarter of 2022: October November December Credit sales 1 416 138 1 646 685 1 216 893 Credit purchases 849 683 988 078 730 136 Cash disbursements Wages, taxes, and expenses 385 946 439 138 374 237 Interest 35 581 33 189 33 189 Equipment 0 176 379 106 893 Credit sales collections Collected in month of sale 34% Collected month after sale 65% Never collected 1% September credit sales 1 259 872 September credit purchases 755 923 Beginning cash balance 461 153