do not use ai solution General accounting question A manufacturing company plans to purchase inventory for the firstquarter of 2024 as follows:MonthPurchasesJanuary$180,000February$220,000March$150,000April$240,000$200,000MayThe company typically pays 40% of inventory purchases in themonth of purchase, 45% in the following month, and 15% in thesecond month after purchase.Based on this information, what are the forecasted April cashpayments for inventory?

Step 1: Definition of Cash Payments for InventoryCash payments for inventory refer to the actual…

Answered: A manufacturing company plans to…

Excel Applications for Accounting Principles

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ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter22: Master Budget (master)

Section: Chapter Questions

Problem 1R: Ranger Industries has provided the following information at June 30: Other information: Average...

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Gear Up Co. pays 65% of its purchases in the month of purchase, 30% in the month after the purchase, and 5% in the second month following the purchase. What are the cash payments if it made the following purchases in 2018?
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The Runner Antique Mall expects to make purchases in the first quarter of 2021 as follows: January $85,500 February 108,000 March 76,500 Purchases in December 2020 are expected to be $82,600. The company expects that 50 percent of a month's purchases will be paid in the month of purchase and 50 percent will be paid in the following month. Estimate cash disbursements related to purchases for each month of the first quarter of 2021.
Jamaica Co’s sales forecast for the first five months of 2018 are as follows: January February March April May $ 32,000 $ 36,000 $ 48,000 $ 46,000 $ 55,000 Additional information provided is as follows: (i) Sales for November and December of the previous year were $40,000 and $45,000 respectively. (ii) Sixty percent of sales will be for cash; 30% will be collected in the first month following the sale; and the remaining 10% will be collected in the second month following the sale. (iii) Raw material purchases are settled a month after purchase. Each month’s purchases is shown below: December January February March April $22,400 $25,200 $33,600 $32,200 $38,500 (iv) Wages total $4,200 monthly. (v) Other expenses are $1,800 in January but is expected to increase by $550 each month; (vi) Equipment costing $15,000 will be ordered in January. A…
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The Clinton Antique Mall expects to make purchases in the first quarter of 2021 as follows: January $114,000 February 144,000 March 102,000 Purchases in December 2020 are expected to be $109,600. The company expects that 50 percent of a month's purchases will be paid in the month of purchase and 50 percent will be paid in the following month. Estimate cash disbursements related to purchases for each month of the first quarter of 2021. Cash disbursements for purchases Payment of December purchases $ Payment of January purchases Payment of February purchases Payment of March purchases $ January $ $ February $ March Activate Go to Setti
Chatsworth Company Month Expected Sales July $40,000 August $50.000 September $30,000
Carson Ltd. has prepared the following 2021 projections for its beverage company: Sales Month Cash Sales Credit Sales May $ 16,000 $ 68,000 June 20,000 80,000 July 18,000 74,000 August 24,000 92,000 September 22,000 76,000 Receivables have been historically collected at the following rates: 40% in the month of sale 45% in the month following sale 15% two months after sale Inventory Purchases Month Purchase Amounts May $ 70,000 June 72,000 July 74,000 August 78,000 September 80,000 40% of purchases are paid for in cash in the month of sale, and the balance is paid the following month. General Costs In addition to purchases, Carson has the following monthly costs: Salaries and wages: $ 8,000 Rent: $4,000 General costs are paid in the month incurred. Other Information Carson plans on declaring and issuing $5,000 in dividends in July, and to purchase new equipment valued…
Star Company was organized on August 1 of the current year. Projected sales for the next three months are as follows: August $250,000 September 200,000 October 275,000 The company expects to sell 50% of its merchandise for cash. Of the sales on credit, 30% are expected to be collected in the month of the sale and the remainder in the following month. What is Star Company expected cash collection for September?
Kahlon Company likes to maintain its inventory quantity at the end of each month equal to one fourth of the next month’s expected sales. Kahlon had 140,000 units in inventory on November 1, 2023. Expected sales in units are 480,000 in November and 840,000 in December. How many units does Kahlon Company need to produce during November 2023?

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