QS 22-27A (Algo) Merchandising: Schedule of cash payments LO P4 Torres Company budgets merchandise purchases of $14,800 in January, $18,600 in February, and $20,200 in March. For those purchases, 50% of purchases are paid in the month of purchase and 50% are paid in the month after the purchase. The company purchased $25,000 of merchandise in December. Prepare a schedule of cash payments for merchandise for the months of January, February, and March. TORRES COMPANY Cash Payments for Merchandise Purchases Merchandise purchases Cash payments for: Current period purchases Prior period purchases Total cash payments for merchandise purchases January February March $ 14,800 $ 18,600 $ 20,200

QS 22-27A (Algo) Merchandising: Schedule of cash payments LO P4 Torres Company budgets merchandise purchases of $14,800 in January, $18,600 in February, and $20,200 in March. For those purchases, 50% of purchases are paid in the month of purchase and 50% are paid in the month after the purchase. The company purchased $25,000 of merchandise in December. Prepare a schedule of cash payments for merchandise for the months of January, February, and March. TORRES COMPANY Cash Payments for Merchandise Purchases Merchandise purchases Cash payments for: Current period purchases Prior period purchases Total cash payments for merchandise purchases January February March $ 14,800 $ 18,600 $ 20,200

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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Exercise 20-19 (Algo) Schedule of cash payments LO P2 Zisk Company purchases direct materials on credit. Budgeted purchases are April, $89,000; May, $119,000; and June, $129,000. Cash payments for purchases are: 70% in the month of purchase and 30% in the first month after purchase. Purchases for March are $79,000. Prepare a schedule of cash payments for direct materials for April, May, and June. ZISK COMPANY Schedule of Cash Payments for Direct Materials Materials purchases Cash payments for: Total cash payments April May June
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Exercise 14-7A (Algo) Preparing an inventory purchases budget LO 14-3 Rooney Company sells lamps and other lighting fotures. The purchasing department manager prepared the following inventory purchases budget Rooney's policy is to maintain an ending inventory balance equal to 20 percent of the following month's cost of goods sold. April's budgeted cost of goods sold is $82,000 Required a. Complete the inventory purchases budget by filling in the missing amounts b. Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement c. Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the first quarter Complete this question by entering your answers in the tabs below. Red A Rea B and C Complete the inventory purchases budget by filling in the missing amounts. Inventory Purchases Budget January February March 550,000 $ 62.000 $ 60.000 Budgeted cost of goods sold
REQUIREMENT NUMBER 4&5
January February Inventory purchases budget in units 12,000 15,000 Each unit costs $5. ABC pays 20% in the month of purchase and 80% in the following the purchase. Accounts payable at December 31 = $25,000 How much cash will be disbursed for inventory purchases in February? Select one: $88,000 $48,000 $27,000 $63,000
Question 1 The following data apply to the HASF Hardware Store and its 2011 budget Forecast Sales Jan $200,000 Feb $160,000 Mar $180,000 Apr $45,000 Balance Sheet Data December 31,2010 Cash $80,000 Account receivable: November sales 45000 December sales 50000 Inventory 54000 Account payable(merchandise) 27000 Other data are as follows: Sales are on credit with 60% of sales collected in the same month after sale ,40% in the second month after sale Cost of goods sold is 50% of sales Other variables costs are 30% of sales paid in the month incurred Inventories are to be 80% of next month’s budgeted sales requirements Fixed expenses are $15000 per month; all require cash Credit time period for purchases are 30 days On basis of above information answer following questions Find fixed expense in the month of March?
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question 2 The following information pertains to Monroe Company: Month Sales Purchases January $62,000 $33,000 February $84,000 $42,000 March $101,000 $61,000 Cash is collected from customers in the following manner: Month of the sale: 65%, with the remainder the month after. 40% of purchases are paid for in cash in the month of purchase, and the balance is paid the following month. Labor costs are 35% of sales. Other operating costs are $38,000 per month (including $10,000 of depreciation). Both of these are paid in the month incurred. The cash balance on March 1 is $8,000. A minimum cash balance of $6,000 is required at the end of the month. Money can be borrowed in multiples of $1,000. How much cash will be disbursed in total in March?
Exercise 14-7A (Algo) Preparing an inventory purchases budget LO 14-3 Perez Company selts lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget Perez's policy is to maintain an ending inventory balance equal to 15 percent of the following month's cost of goods sold. Aprif's budgeted cost of goods sold is $85,000 Required a. Complete the inventory purchases budget by fillng in the missing amounts. b. Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement. c. Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the first quarter Complete this question by entering your answers in the tabs belovw. Reg A Reg and C Complete the inventory purchases budget by filling in the missing amounts. Inventory Purchases Budget January February March Butgeted cost of goods sold 61,000 s 67,000 57,000 $ 9,150 Inventory needed…
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