Torres Company budgets merchandise purchases of $14,800 in January, $17600 in February, and $21,200 in March. For those purpose 50% of purchases are paid in the month of purchase and 50% are paid in the month after the purchase. The company purchased $28,000 of merchandise in December Prepare a schedule of cash payments for merchandise for the months of January, February, and March. TORRES CO. Cash Payments for Merchandise Purchases February January March Merchandise purchases Cash payments for Current period purchases Prior period purchases S 14,800 $ 17,600 S 21,200, Total cash payments for purchases

Torres Company budgets merchandise purchases of $14,800 in January, $17600 in February, and $21,200 in March. For those purpose 50% of purchases are paid in the month of purchase and 50% are paid in the month after the purchase. The company purchased $28,000 of merchandise in December Prepare a schedule of cash payments for merchandise for the months of January, February, and March. TORRES CO. Cash Payments for Merchandise Purchases February January March Merchandise purchases Cash payments for Current period purchases Prior period purchases S 14,800 $ 17,600 S 21,200, Total cash payments for purchases

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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subject - accounting
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