Baird Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects tc purchase the following inventory: May $125,000 June April $105,000 Required purchases (on account) $137,000 Baird Books' accountant prepared the following schedule of cash payments for inventory purchases. Baird Books' suppliers require that 90 percent of purchases on account be paid in the month of purchase; the remaining 10 percent are paid in the month followir the month of purchase. Required a. Complete the schedule of cash payments for inventory purchases by filling in the missing amounts. b. Determine the amount of accounts payable the company will report on its pro forma balance sheet at the end of the second qua Complete this question by entering your answers in the tabs below. Required A Required B Complete the schedule of cash payments for inventory purchases by filling in the missing amounts. Schedule of Cash Payments for Inventory Purchases April May June Payment for current accounts payable $ 94,500 Payment for previous accounts payable 9,000 Total budgeted payments for inventory %24 103,500
Baird Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects tc purchase the following inventory: May $125,000 June April $105,000 Required purchases (on account) $137,000 Baird Books' accountant prepared the following schedule of cash payments for inventory purchases. Baird Books' suppliers require that 90 percent of purchases on account be paid in the month of purchase; the remaining 10 percent are paid in the month followir the month of purchase. Required a. Complete the schedule of cash payments for inventory purchases by filling in the missing amounts. b. Determine the amount of accounts payable the company will report on its pro forma balance sheet at the end of the second qua Complete this question by entering your answers in the tabs below. Required A Required B Complete the schedule of cash payments for inventory purchases by filling in the missing amounts. Schedule of Cash Payments for Inventory Purchases April May June Payment for current accounts payable $ 94,500 Payment for previous accounts payable 9,000 Total budgeted payments for inventory %24 103,500
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter8: Budgeting
Section: Chapter Questions
Problem 18E
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