Garda purchased $700,000 of merchandise in August and budgets merchandise purchases of $710,000 in September Merchandise purchases are paid as follows: 15% in the month of purchase and 85% in the month after the purchase Prepare a schedule of cash payments for merchandise purchases for September, GARDA Schedule of Cash Payments for Merchandise Purchases September Merchandise purchases Cash payments for 710.000 Current period purchases Prior period purchases Total cash payments for merchandise purchases

Garda purchased $700,000 of merchandise in August and budgets merchandise purchases of $710,000 in September Merchandise purchases are paid as follows: 15% in the month of purchase and 85% in the month after the purchase Prepare a schedule of cash payments for merchandise purchases for September, GARDA Schedule of Cash Payments for Merchandise Purchases September Merchandise purchases Cash payments for 710.000 Current period purchases Prior period purchases Total cash payments for merchandise purchases

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Garda purchased $690,000 of merchandise in August and budgets merchandise purchases of $670,000 in September. Merchandise purchases are paid as follows: 30% in the month of purchase and 70% in the month after the purchase. Prepare a schedule of cash payments for merchandise purchases for September. GARDA Schedule of Cash Payments for Merchandise Purchases September Merchandise purchases $ 670,000 Cash payments for: Current period purchases Prior period purchases Total cash payments for merchandise purchases
Hello! dear expert can you help me with full working and steps? Thanks you very very much.
Carmen Company sells jar candles. The sales forecast (units) for the coming months is: April 210 May 140 June 150 July 200 August 160 Each candle costs $ 10. The ending inventory policy is 40% of next month's sales needs. April 1 inventory will be as expected under the policy. Carmen pays for purchases 30% in the month of purchase and 70% the following month. Accounts payable on April 1 is $2,460. Required: a. Prepare a purchases budget for the quarter ending June 30. Note: Deductible values must be indicated with a minus sign.a. Prepare a purchases budget for the quarter ending June 30. Note: Deductible values must be indicated with a minus sign. b. Prepare a cash payments budget for the quarter ending June 30.
Summit Company has budgeted purchases of merchandise inventory of $457,500 in January and $533,750 in February. Assume Summit pays for inventory purchases 40% in the month of the purchase and 60% in the month after purchase. The Accounts Payable balance on December 31 is $97,350. Prepare a schedule of cash payments for purchases for January and February. Cash Payments January February Total merchandise inventory purchases Cash Payments Merchandise Inventory: Dec.—Dec. 31 Accounts Payable, paid in Jan. Jan.—Jan. merchandise inventory purchases paid in Jan. Jan.—Jan. merchandise inventory purchases paid in Feb. Feb.—Feb. merchandise inventory purchases paid in Feb. Total payments for merchandise inventory
Schedule of Cash Collections of Accounts Receivable Furry Friends Supplies Inc., a pet wholesale supplier, was organized on May 1. Projected sales for each of the first three months of operations are as follows: May $300,000 June 370,000 July 530,000 All sales are on account. 53 percent of sales are expected to be collected in the month of the sale, 36% in the month following the sale, and the remainder in the second month following the sale. Prepare a schedule indicating cash collections from sales for May, June, and July. Furry Friends Supplies Inc. Schedule of Collections from Sales For the Three Months Ending May 31 May June July May sales on account: Collected in May fill in the blank 1 Collected in June fill in the blank 2 Collected in July fill in the blank 3 June sales on account: Collected in June fill in the blank 4 Collected in July fill in the blank 5 July sales on account: Collected in July…
Schedule of Cash Collections of Accounts Receivable Bark & Purr Supplies Inc., a pet wholesale supplier, was organized on May 1. Projected sales for each of the first three months of operations are as follows: May $160,000 June 230,000 July 350,000 All sales are on account. 53 percent of sales are expected to be collected in the month of the sale, 37% in the month following the sale, and the remainder in the second month following the sale. Prepare a schedule indicating cash collections from sales for May, June, and July. May June July May sales on account: Collected in May $fill in the blank 1 Collected in June $fill in the blank 2 Collected in July $fill in the blank 3 June sales on account: Collected in June fill in the blank 4 Collected in July fill in the blank 5 July sales on account: Collected in July fill in the blank 6 Total cash collected $fill in the blank 7 $fill in the blank 8 $fill in the…
subject - accounting
Zisk Company purchases direct materials on credit. Budgeted purchases are April, $85,000; May, $115,000; and June, $125,000. Cash payments for purchases are: 75% in the month of purchase and 25% in the first month after purchase. Purchases for March are $75,000. Prepare a schedule of cash payments for direct materials for April, May, and June. Schedule of Cash Payments for Direct Materials April May Materials purchases Cash payments for: ZISK COMPANY Total cash payments June
Ahmed Company purchases all merchandise on credit. It recently budgeted the month-end accounts payable balances below. Cash payments on accounts payable during each month are expected to be June, $1,450,000; July, $1,300,000; and August, $1,300,000. Hint: Use the relation (Beg. Accounts Payable + Purchases on Credit - Payments on Accounts Payable = End. Accounts Payable) to solve for budgeted purchases. Accounts payable May 31 June 30 $ 130,000 $ 110,000 Ending accounts payable Add: Cash paid on accounts payable Total accounts payable Less: Beginning accounts payable Budgeted merchandise purchases Computing budgeted merchandise purchases from accounts payable Budgeted amounts: $ June July 31 $ 400,000 0 0 $ July 0 August 31 $ 170,000 0 $ August 0 0
Treasure Service anticipates the following sales revenue over a five-month period: Its collection history indicates that credit sales are collected as follows: E (Click the icon to view the sales data.) A (Click the icon to view the collections data.) The company's sales are 20% cash and 80% credit. How much cash will be collected in Janua More Info 25% in the month of the sale 50% in the month after the sale Complete the cash budget to determine how much cash will be collected in January, February, March and for the quarter in total. (Round your answers to the nearest whole do 20% two months after the sale Treasure Service 5% are never collected Cash Collections Budget For the Months of January through March January Data Table Print Done Cash sales Collection of credit sales: 25% Month of sale November December January February March 50% Month after Sales revenue....... 16,100 $ 10,000 $ 15,200 $ 12,000 $ 14,200 20% Two months after Total cash collections Print Done
Refer to the picture please