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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Question 1 The management accountant at Miller Merchandising & More, Odail Russell is in the process of preparing the cash budget for the business for the fourth quarter of 2021. It is customary for the business to borrow money during this quarter. Extracts from the sales and purchases budgets are as follows: Month Cash Sales Sales On Account Purchases August $85,000 $640,000 $420,000 September $70,000 $550,000 $550,000 October $88,550 $600,000 $500,000 November $77,160 $800,000 $600,000 December $174,870 $500,000 $450,000 - An analysis of the records shows that trade receivables are settled according to the following credit pattern, in accordance with the credit terms 4/30, n90: 50% in the month of sale 30% in the first month following the sale 20% in the second month following the sale -Expected purchases include monthly cash purchases of 5%. All other purchases are on Accounts payable are settled as follows,…
Yoshino, Inc., a merchandising company, has the following budgeted figures: Jan Feb Mar April $92,000 Sales $56,900 $62,000 $80,000 Cost of goods sold 60% of sales $15,000 + 20% Required ending of next month's inventory Inventory on hand on Jan 1 $30,000 sales Calculate the ending merchandise inventory for the month of March. O A. $63,000 O B. $33,400 OC. $48,000 O D. $31,540
PROBLEM 7-G COLLECTIONS BUDGET Marga Corporation has the following historical pattern of credit sales 70% during the month of sale 15% in the first month after sale 4% in the third month after sale 1% uncollectible 10% in the second month after sale Sales on account for the last six months of the year were reported as follows: July P120,000 October P180,000 August 140,000 November 200,000 September 160,000 December 170,000 Required: 2. A/R balance on the Balance Sheet as of Dec. 31
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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
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
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
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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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Question 1 The management accountant at Miller Merchandising & More, Odail Russell is in the process of preparing the cash budget for the business for the fourth quarter of 2021. It is customary for the business to borrow money during this quarter. Extracts from the sales and purchases budgets are as follows: Month Cash Sales Sales On Account Purchases August $85,000 $640,000 $420,000 September $70,000 $550,000 $550,000 October $88,550 $600,000 $500,000 November $77,160 $800,000 $600,000 December $174,870 $500,000 $450,000 - An analysis of the records shows that trade receivables are settled according to the following credit pattern, in accordance with the credit terms 4/30, n90: 50% in the month of sale 30% in the first month following the sale 20% in the second month following the sale -Expected purchases include monthly cash purchases of 5%. All other purchases are on Accounts payable are settled as follows,…
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