SavedO HomeworkBaird Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects topurchase the following inventory:April$105,000JuneMay$125,000Required purchases (on account)$137,000Baird Books' accountant prepared the following schedule of cash payments for inventory purchases. Baird Books' suppliers requirethat 90 percent of purchases on account be paid in the month of purchase; the remaining 10 percent are paid in the month followingthe month of purchase.Requireda. Complete the schedule of cash payments for inventory purchases by filling in the missing amounts.b. Determine the amount of accounts payable the company will report on its pro forma balance sheet at the end of the second quarteComplete this question by entering your answers in the tabs below.Required ARequired BComplete the schedule of cash payments for inventory purchases by filling in the missing amounts.Schedule of Cash Payments for Inventory PurchasesAprilMayJunePayment for current accounts payable2$94,500Payment for previous accounts payable9,000Total budgeted payments for inventory24103,500< Prev5 of 8Next > O HomeworkSavedBaird Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects topurchase the following inventory:April$105,000JuneMay$125,000Required purchases (on account)$137,000Baird Books' accountant prepared the following schedule of cash payments for inventory purchases. Baird Books' suppliers requirethat 90 percent of purchases on account be paid in the month of purchase; the remaining 10 percent are paid in the month followingthe month of purchase.Requireda. Complete the schedule of cash payments for inventory purchases by filling in the missing amounts.b. Determine the amount of accounts payable the company will report on its pro forma balance sheet at the end of the second quarComplete this question by entering your answers in the tabs below.Required ARequired BDetermine the amount of accounts payable the company will report on its pro forma balance sheet at the end of the secondquarter.Accounts payable< Required ARequired B

Preparation of statement of cash payment helps the business enterprises in determining how much cash…

Answered: Baird Books buys books and magazines…

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter8: Budgeting

Section: Chapter Questions

Problem 18E

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Desiccate purchases direct materials each month. Its payment history shows that 70% is paid in the month of purchase with the remaining balance pad the month after purchase. Prepare a cash payment schedule for March if in January through March, it purchased $35,000, $37,000, and $39,000, respectively.
Longmire Sons nude sales un credit to Alderman Sports totaling 500,000 on April 18. The cost of the goods sold is 400,000. Longmire estimates 3% of its sales to Alderman may be returned. On May 22, 9,000 worth of goods (with a cost of 7,200) are returned by Alderman. Longmire uses a periodic inventory system. Prepare the related journal entries for Longmire Sons.
Donald Company expects its purchases for June to be 130,000 and its purchases for July to be 124,000. Donald pays for 60% of its purchases in the month of purchase and receives a 2% discount. donald pays for the remaining 40% in the next month without discount. For purchases only, what are the expected cash payment in July?A. 124,912B. 127,392C. 124,000D. 124,400
Fanning Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects to purchase the following inventory: April May June Required purchases (on account) $ 116,000 $ 136,000 $ 148,000 Fanning Books’ accountant prepared the following schedule of cash payments for inventory purchases. Fanning Books’ suppliers require that 95 percent of purchases on account be paid in the month of purchase; the remaining 5 percent are paid in the month following the month of purchase. Required Complete the schedule of cash payments for inventory purchases by filling in the missing amounts. Determine the amount of accounts payable the company will report on its pro forma balance sheet at the end of the second quarter.
Thornton Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects to purchase the following inventory: April May June Required purchases (on account) $ 113,000 $ 133,000 $ 145,000 Thornton Books’s accountant prepared the following schedule of cash payments for inventory purchases. Thornton Books’s suppliers require that 90 percent of purchases on account be paid in the month of purchase; the remaining 10 percent are paid in the month following the month of purchase. Required Complete the schedule of cash payments for inventory purchases by filling in the missing amounts. Determine the amount of accounts payable the company will report on its pro forma balance sheet at the end of the second quarter.
Meadows Company makes all of its sales on account. Meadows collect its accounts as follows: 70% in the month of sale, 25% in the month following sale, and 4% in the second month following sale. Uncollectible accounts are 1% of sales. Meadows expects sales for the first three months of the year to be as follows: January 90,000; February 95,000; and March 100,000. How much cash should Meadows expect to collect in March.A. 99,000B.97,350C. 100,000D. 70,000
The following information was able from Acer Corporation’s books: 2022 Purchases Sales July ₱4,000 ₱8,000 August 5,000 9,000 September 6,000 7,000 October 7,000 10,000 Collections from customers are normally 80% in the month of sale, 10% in the month following the sale, and 8% in the second month following the sale. The balance is expected to be uncollectible. Acer takes full advantage of the 2% discount allowed on purchases paid by the tenth of the following month. Purchases for November are budgeted at ₱6,000 for the month of November, inclusive of ₱1,000 depreciation expense. Acer’s cash balance on November 1 was ₱15,000. Required: Prepare the following schedules: Expected cash collections during November Expected cash disbursements during November Expected cash balance during November
Month Sales Purchases Cash Expenses Paid May $ 97,000 $ 64,000 $ 23,000 June 119,000 92,000 28,000 July 131,000 115,000 33,500 August 125,000 71,000 30,100 The majority of Martin’s sales (70 percent) are cash, but a few of the excursion companies purchase on credit. Of the credit sales, 35 percent are collected in the month of sale and 65 percent are collected in the following month. All of Martin’s purchases are on account with 40 percent paid in the month of purchase and 60 percent paid the following month. Determine budgeted cash collections for July and August. Determine budgeted cash payments for July and August.
eBook Show Me How Print Item Schedule of Cash Collections of Accounts Receivable Bark & Purr 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 $184,000 June 192,000 July 201,000 All sales are on account. Sixty percent of sales are expected to be collected in the month of the sale, 35% 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. Bark & Purr Supplies Inc. Schedule of Collections from Sales For the Three Months Ending July 31 May June July May sales on account: Collected in May $fill in the blank 1 Collected in June $fill in the blank 2 Collected in July $fill in the blank 3 June sales on account: Collected in June fill in the blank 4 Collected in July fill in the blank 5 July…
Question The following information is from Teas Window’s financial records. The company buys its raw material on account and pays: 50% of accounts payable during the month of purchase 40% in the first month after purchase 10% in the second month after purchase Month Purchases april 80,000 may 92,000 june 93,000 july 97,000 Compute the estimated total cash disbursements during July. Show your calculations
Cash disbursements schedule The Coffee Specialist Corporation has approached you to compile a cash disbursement schedule for the months of March, April, and May. Use the following information to prepare this schedule.Sales: January = $520,000; February = $540,000; March = $550,000; April = $600,000; May = $660,000; June = $670,000Purchases: Purchases are calculated as 70% of the following month’s sales, 50% of purchases are made in cash, 30% of purchases are settled one month after purchase, and the remaining 20% of purchases are settled 2 months after purchase.Rent: The firm pays rent of $9,500 per month.Wages and salaries: The fixed wage and salary costs are $7,500 per month plus a variable cost of 6.5% of the current month’s sales.Taxes: The tax bill to be paid in May amounts to $57,500.Fixed asset outlays: New equipment will be acquired during March at a cost of $85,000.Interest payments: An amount of $32,000 for interest is due in March.Cash dividends: Dividends of $15,000 will be…
50% in the month of the sale 40% in the month after the sale 8% two months after the sale 2% never collected Yandell expects total sales of $365,000 in January and $412,000 in February. Assume that Yandell's sales are collected as follows: LOADING... (Click the icon to view the collections.) November sales totaled $270,000, and December sales were $310,000. Prepare a schedule of cash receipts from customers for January and February. Round answers to the nearest dollar. (If a box is not used in the table leave the box empty; do not enter a zero.) Cash Receipts from Customers January February Total sales January February Cash Receipts from Customers: Nov.—Credit sales, collection of Nov. sales in Jan. Dec.—Credit sales, collection of Dec. sales in Jan. Dec.—Credit sales, collection of Dec. sales in Feb. Jan.—Credit…

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