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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
 alt="Saved
O Homework
Baird Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects to
purchase the following inventory:
April
$105,000
June
May
$125,000
Required purchases (on account)
$137,000
Baird Books' accountant prepared the following schedule of cash payments for inventory purchases. Baird Books' suppliers require
that 90 percent of purchases on account be paid in the month of purchase; the remaining 10 percent are paid in the month following
the month of purchase.
Required
a. Complete the schedule of cash payments for inventory purchases by filling in the missing amounts.
b. Determine the amount of accounts payable the company will report on its pro forma balance sheet at the end of the second quarte
Complete this question by entering your answers in the tabs below.
Required A
Required B
Complete the schedule of cash payments for inventory purchases by filling in the missing amounts.
Schedule of Cash Payments for Inventory Purchases
April
May
June
Payment for current accounts payable
2$
94,500
Payment for previous accounts payable
9,000
Total budgeted payments for inventory
24
103,500
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5 of 8
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Transcribed Image Text:Saved
O Homework
Baird Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects to
purchase the following inventory:
April
$105,000
June
May
$125,000
Required purchases (on account)
$137,000
Baird Books' accountant prepared the following schedule of cash payments for inventory purchases. Baird Books' suppliers require
that 90 percent of purchases on account be paid in the month of purchase; the remaining 10 percent are paid in the month following
the month of purchase.
Required
a. Complete the schedule of cash payments for inventory purchases by filling in the missing amounts.
b. Determine the amount of accounts payable the company will report on its pro forma balance sheet at the end of the second quarte
Complete this question by entering your answers in the tabs below.
Required A
Required B
Complete the schedule of cash payments for inventory purchases by filling in the missing amounts.
Schedule of Cash Payments for Inventory Purchases
April
May
June
Payment for current accounts payable
2$
94,500
Payment for previous accounts payable
9,000
Total budgeted payments for inventory
24
103,500
< Prev
5 of 8
Next >

Transcribed Image Text:O Homework
Saved
Baird Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects to
purchase the following inventory:
April
$105,000
June
May
$125,000
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 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 quar
Complete this question by entering your answers in the tabs below.
Required A
Required B
Determine the amount of accounts payable the company will report on its pro forma balance sheet at the end of the second
quarter.
Accounts payable
< Required A
Required B
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