Current Attempt in Progress Michael Jones is one of Texas's premiere party planners. She purchases a variety of supplies, such as plastic tableware, stemware, and decorations, throughout the year. Michael has prepared the following purchases budget for the coming year: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Budgeted purchases $280,000 $480,000 $495,000 $575,000 Historically, Michael has paid for 40% of her purchases in the quarter of purchase and 60% in the quarter following purchase. On December 31 of this year Michael had a $250,000 accounts payable balance. Prepare Michael's cash payments budget for the coming year. (Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.) 2nd Quarter 3rd Quarter 1st Quarter 24 2$ A/P from last year 24 1st quarter purchases 2nd quarter purchases 3rd quarter purchases
Current Attempt in Progress Michael Jones is one of Texas's premiere party planners. She purchases a variety of supplies, such as plastic tableware, stemware, and decorations, throughout the year. Michael has prepared the following purchases budget for the coming year: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Budgeted purchases $280,000 $480,000 $495,000 $575,000 Historically, Michael has paid for 40% of her purchases in the quarter of purchase and 60% in the quarter following purchase. On December 31 of this year Michael had a $250,000 accounts payable balance. Prepare Michael's cash payments budget for the coming year. (Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.) 2nd Quarter 3rd Quarter 1st Quarter 24 2$ A/P from last year 24 1st quarter purchases 2nd quarter purchases 3rd quarter purchases
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:s cash payments budget for the coming year. (Enter answers in necessary fields only. Leave other fields blank. Do not
enter 0.)
2nd Quarter
3rd Quarter
4th Quarter
Annual
2$
$
2$
2$
2$
2$
$4
Calculate the accounts payable balance at the end of 4th Quarter.
%24
Accounts Payable balance at the end of 4th Quarter

Transcribed Image Text:View Policies
Current Attempt in Progress
Michael Jones is one of Texas's premiere party planners. She purchases a variety of supplies, such as plastic tableware, stemware,
and decorations, throughout the year. Michael has prepared the following purchases budget for the coming year:
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
Budgeted purchases
$280,000
$480,000
$495,000
$575,000
Historically, Michael has paid for 40% of her purchases in the quarter of purchase and 60% in the quarter following purchase. On
December 31 of this year Michael had a $250,000 accounts payable balance.
Prepare Michael's cash payments budget for the coming year. (Enter answers in necessary fields only. Leave other fields blank. Do not
enter 0.)
1st Quarter
2nd Quarter
3rd Quarter
24
24
A/P from last year
1st quarter purchases
2nd quarter purchases
3rd quarter purchases
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