Please do not give solution in image format thanku Exercise 14-8A (Algo) Preparing a schedule of cash payments for inventory purchases LO 14-3Benson Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects topurchase the following inventory:Required ARequired purchases (on account)Benson Books' accountant prepared the following schedule of cash payments for inventory purchases. Benson Books' suppliersrequire that 90 percent of purchases on account be paid in the month of purchase; the remaining 10 percent are paid in the monthfollowing the 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 quarter.Complete this question by entering your answers in the tabs below.Required BApril$ 115,000Payment for current accounts payableMay$ 135,000$Complete the schedule of cash payments for inventory purchases by filling in the missing amounts.Schedule of Cash Payments for Inventory PurchasesAprilMay103,500June$147,000June

The budget is prepared to estimate the requirements for the future period. The purchase budget is…

Exercise 14-8A (Algo) Preparing a schedule of cash payment ТОГ Benson Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expec purchase the following inventory: April $ 115,000 May $ 135,000 June $ 147,000 Required purchases (on account) 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 mont 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 qua

Exercise 14-8A (Algo) Preparing a schedule of cash payment ТОГ Benson Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expec purchase the following inventory: April $ 115,000 May $ 135,000 June $ 147,000 Required purchases (on account) 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 mont 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 qua

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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