Zisk Company purchases direct materials on credit. Budgeted purchases are April, $83,000, May, $113,000; and June, $123,000. Cashpayments for purchases are: 70% in the month of purchase and 30% in the first month after purchase. Purchases for March are$73,000.Prepare a schedule of cash payments for direct materials for April, May, and June.ZISK COMPANYSchedule of Cash Payments for Direct MaterialsAprilMayMaterials purchasesCash payments forTotal cash paymentsJune

Schedule of cash payment :— This budget is prepared to estimate the payment for direct materials…

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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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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Sunland Company's direct materials budget shows total cost of direct materials purchases for January $250000, February $270000 and March $330000. Cash payments are 60% in the month of purchase and 40% in the following month. The budgeted cash payments for March are $240000. $306000. $270000. $294000.
You have been asked to prepare a December cash budget for Ashton Company, a distributor of exercise equipment. The following information is available about the company's operations: a. The cash balance on December 1 is $56,600. b. Actual sales for October and November and expected sales for December are as follows: Cash sales Sales on account October $ 71,200 $ 440,000 November $ 73,400 December $ 86,200 $ 576,000 $ 639,000 Sales on account are collected over a three-month period as follows: 20% collected in the month of sale, 60% collected in the month following sale, and 18% collected in the second month following sale. The remaining 2% is uncollectible. c. Purchases of inventory will total $315,000 for December. Thirty percent of a month's inventory purchases are paid during the month of purchase. The accounts payable remaining from November's inventory purchases total $181,500, all of which will be paid in December. d. Selling and administrative expenses are budgeted at $522,000…
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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Raider-X Company budgets sales of 14,000 units for April and 16,000 units for May. Beginning inventory on April 1 is 5,600 units, and the company wants to have 40% of next month's unit sales in inventory at the end of each month. The merchandise cost per unit is $3. Prepare a merchandise purchases budget for the month of April. RAIDER-X COMPANY Merchandise Purchases Budget April Budgeted sales units Next period budgeted sales units Ratio of inventory to future sales Total required units Units to be purchased Cost per unit Cost of merchandise purchases
Zilly Company budgets sales of $146,000 for June. Zilly pays a sales manager a monthly salary of $6,700 and a commission of 8% of that month's sales dollars. Prepare a selling expense budget for June, ZILLY CO. Selling Expense Budget June Budgeted sales Salary for sales manager Total selling expenses

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