Many HR Services (MHR) has provided the following budget data for 2023: Revenue (Fees) $ Direct...

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Many HR Services (MHR) has provided the following budget data for 2023: Revenue (Fees) $ Direct Cost (Expenses) $ January February March April May $40,000 45,000 35,000 55,000 60,000 $70,000 65,000 60,000 80,000 75,000 Collections from clients are normally 80% in the same month in which service is provided, 15% in the first month following the service, and 5% in the second month following the service. MHR pays for Direct Cost (Expenses) in the first month following the month in which Cost/Expenses are incurred MHR's Cash disbursements for other expenses are expected to be $15,000 for May MHR's cash balance at May 1 was $30,000 Required (show all calculations); a. Compute the expected cash collections during May. b. Compute the expected cash balance at May 31. Many HR Services (MHR) has provided the following budget data for 2023: Revenue (Fees) $ Direct Cost (Expenses) $ January February March April May $40,000 45,000 35,000 55,000 60,000 $70,000 65,000 60,000 80,000 75,000 Collections from clients are normally 80% in the same month in which service is provided, 15% in the first month following the service, and 5% in the second month following the service. MHR pays for Direct Cost (Expenses) in the first month following the month in which Cost/Expenses are incurred MHR's Cash disbursements for other expenses are expected to be $15,000 for May MHR's cash balance at May 1 was $30,000 Required (show all calculations); a. Compute the expected cash collections during May. b. Compute the expected cash balance at May 31.

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Transactions January 80 100 x70000 56000 paid in January 15 100 x7000010500 paid in February 5 100 x... View the full answer