SavedO HomeworkBaird Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects topurchase the following inventory:April$105,000JuneMay$125,000Required purchases (on account)$137,000Baird Books' accountant prepared the following schedule of cash payments for inventory purchases. Baird Books' suppliers requirethat 90 percent of purchases on account be paid in the month of purchase; the remaining 10 percent are paid in the month followingthe month of purchase.Requireda. 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 quarteComplete this question by entering your answers in the tabs below.Required ARequired BComplete the schedule of cash payments for inventory purchases by filling in the missing amounts.Schedule of Cash Payments for Inventory PurchasesAprilMayJunePayment for current accounts payable2$94,500Payment for previous accounts payable9,000Total budgeted payments for inventory24103,500< Prev5 of 8Next > O HomeworkSavedBaird Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects topurchase the following inventory:April$105,000JuneMay$125,000Required purchases (on account)$137,000Baird Books' accountant prepared the following schedule of cash payments for inventory purchases. Baird Books' suppliers requirethat 90 percent of purchases on account be paid in the month of purchase; the remaining 10 percent are paid in the month followingthe month of purchase.Requireda. 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 quarComplete this question by entering your answers in the tabs below.Required ARequired BDetermine the amount of accounts payable the company will report on its pro forma balance sheet at the end of the secondquarter.Accounts payable< Required ARequired B

Preparation of statement of cash payment helps the business enterprises in determining how much cash…

Answered: Baird Books buys books and magazines…

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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Allstate Sporting Goods started April with an inventory of 10 sets of golf clubs that cost a total of $1,500. During April, Allstate purchased 20 sets of clubs for $3,200. At the end of the month, Allstate had six sets of golf clubs on hand. The store manager must select an inventory costing method, and he asks you to tell him both cost of goods sold and ending inventory under these two accounting methods, assuming the periodic system is used. Weighted-average cost FIFO If the store manager wants the most current cost for ending inventory, which method should he choose?
Baird Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects to purchase the following inventory: Required purchases (on account) April $ 120,000 Required A Required B Baird Books' accountant prepared the following schedule of cash payments for inventory purchases. Baird Books' suppliers require that 95 percent of purchases on account be paid in the month of purchase; the remaining 5 percent are paid in the month following 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 quarter. Complete this question by entering your answers in the tabs below. Payment for current accounts payable Payment for previous accounts payable Total budgeted payments for inventory May $ 140,000 Complete the schedule of cash payments for…
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Assume the following events for a month for Company X: Beginning Balance of Inventory is 400 Units and the cost is $ 200 per Unit. October 5 Company X purchases 400 Units at a cost of $220 per Unit. October 9 Company X sells 600 units for $500 per Unit. October 17 Company X purchases 200 Units at a cost of $230 per Unit. October 27 Company X sells 300 units for $500 per Unit. October 29 Company X purchases 200 units for $250 per Unit. Use this data to answer all questions. Using FIFO Periodic, what is the Gross Profit for October?
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