Zisk Company purchases direct materials on credit. Budgeted purchases are April, $81,000; May, $111,000; and June, $121,000. Cashpayments for purchases are: 75% in the month of purchase and 25% in the first month after purchase. Purchases for March are$71,000.Prepare a schedule of cash payments for direct materials for April, May, and June.ZISK COMPANYSchedule of Cash Payments for Direct MaterialsAprilMayMaterials purchasesCash payments for:Total cash paymentsJune

Cash payment schedule for direct materials :— This budget is prepared to estimate the payment for…

Answered: Zisk Company purchases direct materials…

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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Schedule of Cash Payments for a Service Company EastGate Physical Therapy Inc. is planning its cash payments for operations for the first quarter (January-March). The Accrued Expenses Payable balance on January 1 is $33,700. The budgeted expenses for the next three months are as follows: Salaries Utilities Other operating expenses Total January February March $77,500 $94,400 $104,500 6,400 7,100 8,400 59,700 $143,600 65,100 $166,600 71,600 $184,500 Other operating expenses include $4,200 of monthly depreciation expense and $1,000 of monthly insurance expense that was prepaid for the year on May 1 of the previous year. Of the remaining expenses, 65% are paid in the month in which they are incurred, with the remainder paid in the following month. The Accrued Expenses Payable balance on January 1 relates to the expenses incurred in December. Prepare a schedule of cash payments for operations for January, February, and March. Enter all amounts as positive numbers. EastGate Physical Therapy…
Rooney Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Rooney's policy is to maintain an ending inventory balance equal to 15 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. Req A Req B and C Complete the inventory purchases budget by filling in the missing amounts. Inventory Purchases Budget January $ Budgeted cost of goods sold Plus: Desired beginning inventory Inventory needed Less: Desired beginning inventory Required purchases (on account) $…
January budgeted selling and administrative expenses for the retail shoe store that Craig Shea plans to open on January 1, year 1, are as follows: sales commissions, $21,000; rent, $19,500; utilities, $5,400; depreciation, $4,300; and miscellaneous, $2,600. Utilities are paid in the month after they are incurred. Other expenses are expected to be paid in cash in the month in which they are incurred. Required a. Determine the amount of budgeted cash payments for January selling and administrative expenses. b. Determine the amount of utilities payable the store will report on the January 31 pro forma balance sheet. c. Determine the amount of depreciation expense the store will report on the income statement for year 1, assuming that monthly depreciation remains the same for the entire year. a. b. C Budgeted cash payments Utilities payable Depreciation expense
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A company has budgeted direct materials purchases of $360000 in July and $520000 in August. Past experience indicates that the company pays for 70% of its purchases in the month of purchase and the remaining 30% in the next month. During August, the following items were budgeted: Wages Expense $150000 Purchase of office equipment 72000 Selling and Administrative Expenses 49000 Depreciation Expense 36000 The budgeted cash disbursements for August are $779000. $743000. $694000. $472000.
Preparing an Accounts Payable Schedule Wight Inc. purchases raw materials on account for use in production. The direct materials purchases budget shows the following expected purchases on account: April $374,400 May 411,100 June 416,700 Wight typically pays 25% on account in the month of billing and 75% the next month. Required: 1. How much cash is required for payments on account in May? 2. How much cash is expected for payments on account in June?
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Fortune Company's direct materials budget shows the following cost of materials to be purchased for the coming three months: January February March Material purchases $ 13,120 $ 15,230 $ 12,050 Payments for purchases are expected to be made 50% in the month of purchase and 50% in the month following purchase. The December Accounts Payable balance is $7,800. The budgeted cash payments for materials in January are:
Required to prepare Cash budget for first three months of 2020, cash inflows with supporting computations, cash outflow with supporting computation, cash budget total with supporting computation.
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Lindor Enterprises projects sales for the first three months of the year to be: $10,400 in January, $12,500 in February, and $13,100 in March. Cash receipts are expected to be: $8,580 in January, $11,820 in February, and $12,700 in March.They anticipate the following cash payments: Lindor Enterprises January February March Direct materials purchased $3,600 $4,200 $4,700 Direct labor costs $3,300 $4,000 $3,500 Depreciation on plant $570 $570 $570 Utilities for plant $650 $650 $650 Property taxes on plant $170 $170 $170 Depreciation on office $580 $580 $580 Utilities for office $350 $350 $350 Property taxes on office $180 $180 $180 Office salaries $3,000 $3,000 $3,000 All costs are paid in the month incurred except: direct materials, which are paid in the month following the purchase; utilities, which are paid in the month after incurred; and property taxes, which are prepaid for the year on January 2. The Accounts Payable and Utilities Payable accounts have a…

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