Zisk Company purchases direct materials on credit. Budgeted purchases are April, $85,000; May, $116,000; and June, $126,000. Cash payments for purchases are: 70% in the month of purchase and 30% In the first month after purchase. Purchases for March are $76,000 Prepare a schedule of cash payments for direct materials for April, May, and June. ZISK COMPANY Schedule of Cash Payments for Direct Materials April May Materials purchases Cash payments for Current period purchases Prior period purchases Total cash payments $ $ S 88,000 $ 116,000 $ 80.200 S 81,200 $ 25,800 34,800 86.000 $ 116.000 $ June 126.000 88.200 37,800 120.000
Zisk Company purchases direct materials on credit. Budgeted purchases are April, $85,000; May, $116,000; and June, $126,000. Cash payments for purchases are: 70% in the month of purchase and 30% In the first month after purchase. Purchases for March are $76,000 Prepare a schedule of cash payments for direct materials for April, May, and June. ZISK COMPANY Schedule of Cash Payments for Direct Materials April May Materials purchases Cash payments for Current period purchases Prior period purchases Total cash payments $ $ S 88,000 $ 116,000 $ 80.200 S 81,200 $ 25,800 34,800 86.000 $ 116.000 $ June 126.000 88.200 37,800 120.000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Exercise 20-19 (Algo) Schedule of cash payments LO P2
Zisk Company purchases direct materials on credit. Budgeted purchases are April, $85,000; May, $116,000; and June, $126,000. Cash
payments for purchases are: 70% in the month of purchase and 30% In the first month after purchase. Purchases for March are
$76,000
Prepare a schedule of cash payments for direct materials for April, May, and June.
ZISK COMPANY
Schedule of Cash Payments for Direct Materials
April
May
Materials purchases
Cash payments for
Current period purchases
Prior period purchases
Total cash payments
$
$
S
88,000 $
80.200 S
25,800
86.000 S
116.000 S
81,200 $
34,800
116.000 S
June
128,000
88.200
37,800
120.000
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