Carol Garcia, Sheridan & Steven Fabricators' accounts payable manager, has just received the company's direct materials purchasesbudget for the first quarter.Budgeted purchase costDecember A/PThe company makes all of its direct materials purchases on account. Carol's recent review of the company's payment history revealedthat the company pays for 25% of its direct materials purchases in the month of purchase and 75% in the month following purchase.The company expects to have an accounts payable balance of $18,000 on January 1, and this amount represents the remainingpayables from December's direct materials purchases.January purchasesPrepare Sheridan & Steven's cash payments budget for the first Quarter. (Enter answers in necessary fields only. Leave other fields blank.Do not enter O.)February purchasesMarch purchasesJanuary$256,000TotalFebruary March$277,000 $286,000Accounts Payable balanceJanuary$Quarter$819,000Cash Payments BudgetFebruaryCalculate the accounts payable balance at the end of first Quarter.$March$Total CashPayments

Answer : 1. Cash payment Budget : Particular January February March Total cash payment…

$256,000 $277,000 $286,000 $819,000 direct materials purchases on account. Carol's recent review o of its direct materials purchases in the month of purchase ar an accounts payable balance of $18,000 on January 1, and this rect materials purchases. cash payments budget for the first Quarter. (Enter answers in new Cach Payments Budge

$256,000 $277,000 $286,000 $819,000 direct materials purchases on account. Carol's recent review o of its direct materials purchases in the month of purchase ar an accounts payable balance of $18,000 on January 1, and this rect materials purchases. cash payments budget for the first Quarter. (Enter answers in new Cach Payments Budge

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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