Complete a and b please and thank you Walton Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects topurchase the following inventory:April$ 118,000Required purchases (on account)Walton Books' accountant prepared the following schedule of cash payments for inventory purchases. Walton Books' suppliers requirethat 85 percent of purchases on account be paid in the month of purchase; the remaining 15 percent are paid in the month followingthe month of purchase.Required ARequireda. 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 quarter.Complete this question by entering your answers in the tabs below.Required BMay$ 138,000Payment for current accounts payablePayment for previous accounts payableTotal budgeted payments for inventoryComplete the schedule of cash payments for inventory purchases by filling in the missing amounts.Schedule of Cash Payments for Inventory PurchasesAprilMay100,30011.000111.300June$ 150,000JuneRequired B >

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Description: Complete a and b please and thank you Walton Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects topurchase the following inventory:April$ 118,000Required purchases (on account)Walton

A Schedule of Cash Payment for Inventory Purchases is a financial projection or plan that describes…

Business

Accounting

Iton Books buys books and magazines directly from publishers and distributes them to grocery ste chase the following inventory: Required purchases (on account) April $ 118,000 May $ 138,000 June $ 150,000 sh payments for inventory purchase

Iton Books buys books and magazines directly from publishers and distributes them to grocery ste chase the following inventory: Required purchases (on account) April $ 118,000 May $ 138,000 June $ 150,000 sh payments for inventory purchase

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter22: Master Budget (master)

Section: Chapter Questions

Problem 1R: Ranger Industries has provided the following information at June 30: Other information: Average...

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