A 2016 cash budget is being prepared for the purchase of TOBI, a merchandise item. Budgeted data are: Cost of goods sold for 2016 P300,000 Accounts payable 1/1/16 P20,000 Inventory-1/1/16 P30,000 12/31/16 P42,000. Purchases will be made in twelve equal monthly amounts and paid for in the following month. Required: How much is the 2003 budgeted cash payment for purchases of TOBI?

A 2016 cash budget is being prepared for the purchase of TOBI, a merchandise item. Budgeted data are: Cost of goods sold for 2016 P300,000 Accounts payable 1/1/16 P20,000 Inventory-1/1/16 P30,000 12/31/16 P42,000. Purchases will be made in twelve equal monthly amounts and paid for in the following month. Required: How much is the 2003 budgeted cash payment for purchases of TOBI?

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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