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3. Purchases budget Current Next year year December January February March 1st quarter Budgeted cost of goods sold Add Desired ending inventory Total goods needed Less Expected beginning inventory Purchases 4. Cash payments budget Cash payments budget January February March 1st quarter Inventory purchases Cash payments for purchases during the current month* Cash payments for purchases during the preceding month* Total cash payments for inventory purchases Other expenses Sales salaries Advertising and promotion Administrative salaries Interest on long-term loan Property taxes Sales commissions Total cash payments for other expenses Total cash payments * 40% of the current month's purchases (schedule 3). † 60% of the preceding month's purchases (schedule 3). * Long-term loan interest is paid every six months, on 31 January and 31 July. Property taxes are also paid every six months, on 28 February and 31 August.

3. Purchases budget Current Next year year December January February March 1st quarter Budgeted cost of goods sold Add Desired ending inventory Total goods needed Less Expected beginning inventory Purchases 4. Cash payments budget Cash payments budget January February March 1st quarter Inventory purchases Cash payments for purchases during the current month* Cash payments for purchases during the preceding month* Total cash payments for inventory purchases Other expenses Sales salaries Advertising and promotion Administrative salaries Interest on long-term loan Property taxes Sales commissions Total cash payments for other expenses Total cash payments * 40% of the current month's purchases (schedule 3). † 60% of the preceding month's purchases (schedule 3). * Long-term loan interest is paid every six months, on 31 January and 31 July. Property taxes are also paid every six months, on 28 February and 31 August.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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3. Purchases budget Current Next year year December January February March 1st quarter Budgeted cost of goods sold Add Desired ending inventory Total goods needed Less Expected beginning inventory Purchases 4. Cash payments budget Cash payments budget January February March 1st quarter Inventory purchases Cash payments for purchases during the current month* Cash payments for purchases during the preceding month* Total cash payments for inventory purchases Other expenses Sales salaries Advertising and promotion Administrative salaries Interest on long-term loan Property taxes Sales commissions Total cash payments for other expenses Total cash payments * 40% of the current month's purchases (schedule 3). † 60% of the preceding month's purchases (schedule 3). * Long-term loan interest is paid every six months, on 31 January and 31 July. Property taxes are also paid every six months, on 28 February and 31 August.
Transcribed Image Text:3. Purchases budget Current Next year year December January February March 1st quarter Budgeted cost of goods sold Add Desired ending inventory Total goods needed Less Expected beginning inventory Purchases 4. Cash payments budget Cash payments budget January February March 1st quarter Inventory purchases Cash payments for purchases during the current month* Cash payments for purchases during the preceding month* Total cash payments for inventory purchases Other expenses Sales salaries Advertising and promotion Administrative salaries Interest on long-term loan Property taxes Sales commissions Total cash payments for other expenses Total cash payments * 40% of the current month's purchases (schedule 3). † 60% of the preceding month's purchases (schedule 3). * Long-term loan interest is paid every six months, on 31 January and 31 July. Property taxes are also paid every six months, on 28 February and 31 August.
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