QS 22-27A (Algo) Merchandising: Schedule of cash payments LO P4 Torres Company budgets merchandise purchases of $14,800 in January, $18,600 in February, and $20,200 in March. For those purchases, 50% of purchases are paid in the month of purchase and 50% are paid in the month after the purchase. The company purchased $25,000 of merchandise in December. Prepare a schedule of cash payments for merchandise for the months of January, February, and March. TORRES COMPANY Cash Payments for Merchandise Purchases Merchandise purchases Cash payments for: Current period purchases Prior period purchases Total cash payments for merchandise purchases January February March $ 14,800 $ 18,600 $ 20,200

QS 22-27A (Algo) Merchandising: Schedule of cash payments LO P4 Torres Company budgets merchandise purchases of $14,800 in January, $18,600 in February, and $20,200 in March. For those purchases, 50% of purchases are paid in the month of purchase and 50% are paid in the month after the purchase. The company purchased $25,000 of merchandise in December. Prepare a schedule of cash payments for merchandise for the months of January, February, and March. TORRES COMPANY Cash Payments for Merchandise Purchases Merchandise purchases Cash payments for: Current period purchases Prior period purchases Total cash payments for merchandise purchases January February March $ 14,800 $ 18,600 $ 20,200

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 10PB: All Temps has a policy of always paying within the discount period, and each of its suppliers...

See similar textbooks

Similar questions

Drainee purchases direct materials each month. Its payment history shows that 65% is paid in the month of purchase with the remaining balance paid the month after purchase. Prepare a cash payment schedule for January using this data: in December through February, it purchased $22,000, $25,000, and $23,000 respectively.
All Temps has a policy of always paying within the discount period, and each of its suppliers provides a discount of 2% if paid within 10 days of purchase. Because of the purchase policy, 80% of its payments are made in the month of purchase and 20% are made the following month. The direct materials budget provides for purchases of $23,812 in February, $23,127 in March, $21,836 in April, and $28,173 in May.What is the balance in accounts payable for April 30, and May 31?
X-Tel budgets sales of $80,000 for April, $116,000 for May, and $56,000 for June. Sales are 60% cash and 40% on credit. All credit sales are collected in the month following the sale. Total sales for March were $12,000. Prepare a schedule of cash receipts from sales for April, May, and June Sales Cash receipts from: Total cash receipts X-TEL Schedule of Cash Receipts from Sales April May June $ 80,000 $ 116,000 $ 56,000
Torres Company budgets merchandise purchases of $14,800 in January, $17600 in February, and $21,200 in March. For those purpose 50% of purchases are paid in the month of purchase and 50% are paid in the month after the purchase. The company purchased $28,000 of merchandise in December Prepare a schedule of cash payments for merchandise for the months of January, February, and March. TORRES CO. Cash Payments for Merchandise Purchases February March January $ 14,800 $ 17,600 $ 21,200 Merchandise purchases Cash payments for. Current period purchases Prior period purchases Total cash payments for purchases
X-Tel budgets sales of $65,000 for April, $120,000 for May, and $80,000 for June. Sales are 40% cash and 60% on credit. All credit sales are collected in the month following the sale. Total sales for March were $11,000. Prepare a schedule of cash receipts from sales for April, May, and June Sales Cash receipts from: X-TEL Schedule of Cash Receipts from Sales April May June $ 65,000 $ 120,000 $ 80,000 Total cash receipts $ 0 $ 0 $ 0
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?
X-Tel budgets sales of $44,000 for April, $84,000 for May, and $60,000 for June. Sales are 50% cash and 50% on credit. All credit sales are collected in the month following the sale. Total sales for March were $14,000. Prepare a schedule of cash receipts from sales for April, May, and June. Complete empty tables. April May June Sales $44,000 $84,000 $60,000 Cash Receipts from: Collections of prior period sales Cash Sales Total Cash Receipts $ $ $
Torres Company budgets merchandise purchases of $15,800 in January, $17,600 in February, and $20,200 in March. For those purchases, 50% of purchases are paid in the month of purchase and 50% are paid in the month after the purchase. The company purchased $21,000 of merchandise in December. Prepare a schedule of cash payments for merchandise for the months of January, February, and March. TORRES COMPANY Cash Payments for Merchandise Purchases January February March Merchandise purchases $ 15,800 $ 17,600 $ 20,200 Cash payments for: Current period purchases Prior period purchases Total cash payments for merchandise purchases
1. The company, a wholesaler, budgeted sales for the indicated months June July August Sales on account P1,800,000 P1,920,000 P2,010,000 Cash sales 240.000 250.000 260.000 Total sales P2,010,000 P2,170,000 P2,300,000 All merchandise is marked up to sell at its invoice cost plus 25%. Merchandise inventories at the beginning of each month are at 30% of that month's projected cost of goods sold. The cost of goods sold for the month of June is anticipated to be
January February Inventory purchases budget in units 12,000 15,000 Each unit costs $5. ABC pays 20% in the month of purchase and 80% in the following the purchase. Accounts payable at December 31 = $25,000 How much cash will be disbursed for inventory purchases in February? Select one: $88,000 $48,000 $27,000 $63,000
Exercise 20-30A (Algo) Merchandising: Schedule of cash payments for merchandise purchases LO P4 Hardy Company reports budgeted merchandise purchases below. For those purchases, 40% of a month's purchases is paid in the month of purchase, and 60% is paid in the first month after purchase. Prepare the schedule of cash payments for merchandise purchases for September and October. Budgeted merchandise purchases August 195,000 September 184,000 October 150,000 HARDY COMPANY Schedule of Cash Payments for Merchandise Purchases Merchandise purchases Cash payments for: Current period purchases Prior period purchases September October $ 184,000 $ 150,000 Total cash payments for merchandise purchases SA $ 0 $ 0
Schedule of Cash Collections of Accounts Receivable Furry Friends Supplies Inc., a pet wholesale supplier, was organized on May 1. Projected sales for each of the first three months of operations are as follows May $240,000 June 310,000 July 420,000 All sales are on account. 56 percent of sales are expected to be collected in the month of the sale, 32% in the month following the sale, and the remainder in the second month following the sale. Prepare a schedule indicating cash collections from sales for May, June, and July Furry Friends Supplies Inc. Schedule of Collections from Sales For the Three Months Ending May 31 May July June May sales on account: Collected in May Collected in June Collected in July June sales on account: Collected in June Collected in July