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Benson 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 $105,000 May $125,000 June $137,000 Benson Books' accountant prepared the following schedule of cash payments for inventory purchases. Benson 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 quarter. 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 Payment for previous accounts payable $ 94,500 15,000 Total budgeted payments for inventory $ 109,500 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

Benson 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 $105,000 May $125,000 June $137,000 Benson Books' accountant prepared the following schedule of cash payments for inventory purchases. Benson 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 quarter. 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 Payment for previous accounts payable $ 94,500 15,000 Total budgeted payments for inventory $ 109,500 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

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter7: Budgeting
Section: Chapter Questions
Problem 10EA: Nonnas Re-Appliance Store collects 55% of its accounts receivable in the month of sale and 40% in...
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Benson 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 $105,000 May $125,000 June $137,000 Benson Books' accountant prepared the following schedule of cash payments for inventory purchases. Benson 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 quarter. 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 Payment for previous accounts payable $ 94,500 15,000 Total budgeted payments for inventory $ 109,500
Transcribed Image Text:Benson 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 $105,000 May $125,000 June $137,000 Benson Books' accountant prepared the following schedule of cash payments for inventory purchases. Benson 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 quarter. 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 Payment for previous accounts payable $ 94,500 15,000 Total budgeted payments for inventory $ 109,500
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
Transcribed Image Text: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
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