Ahmed Company purchases all merchandise on credit. It recently budgeted the month-end accounts payable balances below. Cash payments on accounts payable during each month are expected to be June, $1,400,000; July, $1,400,000; and August, $1,300,000. Hint: Use the relation (Beginning Accounts Payable + Purchases on Credit - Payments on Accounts Payable= Ending Accounts Payable) to solve for budgeted purchases. Accounts payable June 30 May 31 July 31 $ 180,000 $ 130,000 $100,000 Computing budgeted merchandise purchases from accounts payable Budgeted amounts: June July Ending accounts payable Add: Cash paid on accounts payable Total accounts payable Less: Beginning accounts payable Budgeted merchandise purchases August 31 $130, 000 August

Ahmed Company purchases all merchandise on credit. It recently budgeted the month-end accounts payable balances below. Cash payments on accounts payable during each month are expected to be June, $1,400,000; July, $1,400,000; and August, $1,300,000. Hint: Use the relation (Beginning Accounts Payable + Purchases on Credit - Payments on Accounts Payable= Ending Accounts Payable) to solve for budgeted purchases. Accounts payable June 30 May 31 July 31 $ 180,000 $ 130,000 $100,000 Computing budgeted merchandise purchases from accounts payable Budgeted amounts: June July Ending accounts payable Add: Cash paid on accounts payable Total accounts payable Less: Beginning accounts payable Budgeted merchandise purchases August 31 $130, 000 August

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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