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Business, 28.06.2019 05:30 CMCM3096

The following data have been extracted from the financial statements of prentiss, inc., a calendar-year merchandising corporation: | balance sheet data | december 31| | 2011 | 2012| accounts receivable-net | $84.000|$ 78.000|inventory | 150.000 | 140.000 |accounts payable-merchandise (credit) | 95.000 | 98.000| sales for 2018 were $1,200,000 and for 2017 were $1,100,000. cash sales were 20% of total sales each year. cost of goods sold was $840,000 for 2018. variable general and administrative (g& a) expenses for 2018 were $120,000. these expenses are the same proportion of sales every year and have been paid at the rate of 50% in the year incurred and 50% the following year. unpaid g& a expenses are not included in accounts payable. fixed g& a expenses, including $35.000 depreciation and $5.000 bad debt expense, totaled $100.000 each year. the amount of such expenses involving cash payments was paid at the rate of 80% in the year incurred and 20% the following year. in each year, there was a $5.000 bad debt estimate and a $5.000 write-off. unpaid g& a expenses are not included in accounts payable. required: compute the following: 1. the amount of cash collected during 2012 that resulted from total sales in 2011 and 2012.2. the amount of cash disbursed during 2012 for purchases of merchandise.3. the amount of cash disbursed during 2012 for variable and fixed g& a expenses.

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The following data have been extracted from the financial statements of prentiss, inc., a calendar-y...

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