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Mary and kay inc a distributor of cosmetics throughout florida

15/10/2021 Client: muhammad11 Deadline: 2 Day

Accounting

Mary and Kay, Inc., a distributor of cosmetics throughout Florida, is in the process of assembling a cash budget for the first quarter of 20x1. The following information has been extracted from the company’s accounting records: 1. All sales are on account. Sixty percent of customer accounts are collected in the month of the sale; 35 percent are collected in the following month. Uncollectibles amounting in 5 percent of sales are anticipated, and management believes that only 20 percent of the accounts outstanding on December 31, 20x0, will be recovered and that the recovery will be in January 20x1. 2. Seventy percent of the merchandise purchases are paid for in the month of purchase; the remaining 30 percent are paid for in the month after acquisition. 3. The December 31, 20x0 , balance sheet disclosed the following selected figures: Cash $20,000, accounts receivable $55,000, and accounts payable $22,000. 4. Mary and Kay, Inc. maintain a $20,000 minimum cash balance at all times. Financing is available (and retired) in $1,000 multiples at an 8 percent interest rate, with borrowings taking place at the beginning of the month and repayments occurring at the end of the month. Interest is paid at the time of repaying principal and computed on the portion of principal repaid at the time. 5. Additional data: January February March Sales revenue $150,900 $180,000 $185,000 Merchandise purchases. $90,000 $100,000 $140,000 Cash operating costs $31,000 $24,000 $45,000 Proceeds from sale of equipment - - $5,000 1. Prepare a schedule that discloses the firms total cash collections for January through March. 2. Prepare a schedule that discloses the firm’s total cash disbursements form January through March.

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