Need Help Please Provide answer of General Accounting Question All purchases are paid for as follows: 10% in the month ofpurchase, 50% in the following month, and 40% two monthsafter purchase.Calculate the budgeted balance of accounts payable at theend of October.a. $69,120b. $100,240c. $31,120d. $61,840

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Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 7MC: The most common budget is prepared for a __________. A. week B. month C. quarter D. year

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A companys sales for the coming months are as follows: About 20 percent of sales are cash sales, and the remainder are credit sales. The company finds that typically 10 percent of a months credit sales are paid in the month of sale, 70 percent are paid the next month, and 15 percent are paid in the second month after sale. Expected cash receipts in July are budgeted at what amount? a. 114,520 b. 143,150 c. 145,720 d. 156,000
Cash budget Pasadena Candle Inc. pays 40% of its purchases on account in the month of the purchase and 60% in the month following the purchase. If purchases are budgeted to be 40,000 for August and 36,000 for September, what are the budgeted cash payments for purchases on account for September?
All Temps has a policy of always paying within the discount period, and each of its suppliers provides a discount of 2% if paid within 10 days of purchase. Because of the purchase policy, 80% of its payments are made in the month of purchase and 20% are made the following month. The direct materials budget provides for purchases of $23,812 in February, $23,127 in March, $21,836 in April, and $28,173 in May.What is the balance in accounts payable for April 30, and May 31?
Pilsner Inc. purchases raw materials on account for use in production. The direct materials purchases budget shows the following expected purchases on account: Pilsner typically pays 25% on account in the month of billing and 75% the next month. Required: 1. How much cash is required for payments on account in May? 2. How much cash is expected for payments on account in June?
All purchases are paid for as follows: 10% in the month of purchase, 50% in the following month, and 40% two months after purchase. Calculate the budgeted balance of accounts payable at the end of October. a. $69,120 b. $100,240 c. $31,120 d. $61,840
All purchases are paid for as follows
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Lough Company prepared the following purchases budget: June $40,000 July $43,000 August $39,000 September $46,000 October $49,100 All purchases are paid for as follows: 20% two months after purchase, 55% in the following month, and 25% in the month of purchase. What are the cash disbursements in October to account for the September purchases at Lough Company?
Rivers Company purchases merchandise on account. In general, Rivers pays 50 percent in the month of purchase and 50 percent in the following month. All payments in the month of purchase qualify for a 2 percent cash discount. First quarter budgeted purchases are: January February March $90,000 80,000 96,000 A. What are the total cash disbursements expected in February? $ B. What are the total cash disbursements expected in March? C. Now suppose that there is no cash discount for purchases made in the month of purchase. What are the total cash disbursements expected in February and in March? February cash disbursements March cash disbursements
Haresh
Haven Corporation prepared the following purchases budget.
ABC Company seeks your assistance in developing cash and other budget information for August, September,and October, 201A. On July 31, 201A, the company had cash of P22,000, accounts receivable of P874,000,inventories of P618,800, and accounts payable of P266,110.The budget is based on the following assumptions:a. Sales1. Sixty percent (60%) of the billings are collected within the month of sale, 25% are collected in the firstmonth after the month of sale, 10% are collected in the second month after the month of sale, and5% are proved uncollectible.b. Purchases1. Sixty-five percent (65%) of all purchases of materials and selling and administrative expenses are paidin the month purchased and the remainder in the following month.2. Each month’s units of ending inventory are equal to 120% of the next month’s units of sales.3. The cost of each unit of inventory is P20.00.4. Selling and administrative expenses are equal to 20% of the current month’s sales.Actual and projected sales are as…

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All purchases are paid for as follows: 10% in the month of purchase, 50% in the following month, and 40% two months after purchase. Calculate the budgeted balance of accounts payable at the end of October. a. $69,120 b. $100,240 c. $31,120 d. $61,840