The following information pertains to Ortega Corporation:
∙ 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%
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:
a. Prepare a summary of cash collections for the 4th quarter.
b. Prepare a summary of cash disbursements for the 4th quarter.
Definitions:
Explanatory Style
A psychological attribute that indicates how people explain to themselves why they experience a particular event, either positive or negative.
Objective Tests
Standardized psychological tests that measure an individual's attributes or performance in a specific area by a set of questions with predefined answers, minimizing the subjective judgment of the tester.
Projective Tests
Psychological assessment tools that use ambiguous stimuli to elicit responses that reveal aspects of an individual's personality.
Aptitude Tests
Standardized tests designed to measure a person's ability or potential to acquire skills or knowledge.
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