PROBLEM 7-H CASH DISBURSEMENTS BUDGET A 2016 cash budget is being prepared for the purchase of TOBI, a merchandise item. Budgeted data are: Cost of goods sold for 2016 P300,000 Accounts payable 1/1/16 P20,000 Inventory-1/1/16 P30,000 \12/31/16 P42,000. Purchases will be made in twelve equal monthly amounts and paid for in the following month. Required: How much is the 2003 budgeted cash payment for purchases of TOBI?
PROBLEM 7-H CASH DISBURSEMENTS BUDGET A 2016 cash budget is being prepared for the purchase of TOBI, a merchandise item. Budgeted data are: Cost of goods sold for 2016 P300,000 Accounts payable 1/1/16 P20,000 Inventory-1/1/16 P30,000 \12/31/16 P42,000. Purchases will be made in twelve equal monthly amounts and paid for in the following month. Required: How much is the 2003 budgeted cash payment for purchases of TOBI?
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Transcribed Image Text:PROBLEM 7-H CASH DISBURSEMENTS BUDGET
A 2016 cash budget is being prepared for the purchase of
TOBI, a merchandise item.
Budgeted data are: Cost of goods sold for 2016 P300,000
Accounts payable 1/1/16 P20,000
Inventory-1/1/16 P30,000 \12/31/16 P42,000. Purchases will
be made in twelve equal monthly amounts and paid for in the
following month.
Required:
How much is the 2003 budgeted cash payment for purchases
of TOBI?
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