Yem Company budgeted direct materials purchases of $191,440 in January and $138,230 in February. Assume Ye pays for direct materials purchases 60% in the month of purchase and 40% in the month after purchase. The Acco Payable balance on January 1 is $50,000. Prepare a schedule of cash payments for purchases for January and February, including the calculation for the Accounts Payable balance on February 28. Round to the nearest dollar. Begin by computing the total cash payments for direct materials for January and February. Then, compute the Accounts Payable balance at February 28. (Round all amounts you enter into the budget to the nearest whole dollar. If an input field is not used in the table leave the input field empty; do not enter a zero.) Cash Payments Total direct materials purchases Cash Payments Direct Materials: Accounts Payable balance, January 1 Jan-Jan, direct material purchases paid in Jan. Jan-Jan. direct material purchases paid in Feb. January January February February

Yem Company budgeted direct materials purchases of $191,440 in January and $138,230 in February. Assume Ye pays for direct materials purchases 60% in the month of purchase and 40% in the month after purchase. The Acco Payable balance on January 1 is $50,000. Prepare a schedule of cash payments for purchases for January and February, including the calculation for the Accounts Payable balance on February 28. Round to the nearest dollar. Begin by computing the total cash payments for direct materials for January and February. Then, compute the Accounts Payable balance at February 28. (Round all amounts you enter into the budget to the nearest whole dollar. If an input field is not used in the table leave the input field empty; do not enter a zero.) Cash Payments Total direct materials purchases Cash Payments Direct Materials: Accounts Payable balance, January 1 Jan-Jan, direct material purchases paid in Jan. Jan-Jan. direct material purchases paid in Feb. January January February February

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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