Yogi Company budgeted direct materials purchases of $191,440 in January and $139,520 in February. Assume Yogi pays for direct materials purchases 90% in the month of purchase and 10% in the month after purchase. The Accounts Payable balance on January 1 is $60,000. 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. Feb.-Feb. direct material purchases paid in Feb. Total payments for direct materials January January February February
Yogi Company budgeted direct materials purchases of $191,440 in January and $139,520 in February. Assume Yogi pays for direct materials purchases 90% in the month of purchase and 10% in the month after purchase. The Accounts Payable balance on January 1 is $60,000. 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. Feb.-Feb. direct material purchases paid in Feb. Total payments for direct materials January January February February
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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Transcribed Image Text:Yogi Company budgeted direct materials purchases of $191,440 in January and $139,520 in February.
Assume Yogi pays for direct materials purchases 90% in the month of purchase and 10% in the month after
purchase. The Accounts Payable balance on January 1 is $60,000. 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.
Feb.-Feb. direct material purchases paid in Feb.
Total payments for direct materials
January
January
February
February
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