Question: please i need it as soon as possible 43) The following information pertains to Ortega Corporation: Month Sales Purchases July $15,000 $5,000 August 17,000 6,000
43) The following information pertains to Ortega Corporation: Month Sales Purchases July $15,000 $5,000 August 17,000 6,000 Feedback September 19,000 7,000 October 21,000 8,000 November 24,000 9,000 December 30,000 10,000 - 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% Feedback 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: 1. Prepare a summary of cash collections for the 4th quarter. 2. Prepare a summary of cash disbursements for the 4th quarter. - 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% Feedback 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: 1. Prepare a summary of cash collections for the 4th quarter. 2. Prepare a summary of cash disbursements for the 4th quarter
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