Cash Payments Schedule
Fein Company provided the following information relating to cash payments:
June | $68,000 | ||
July | 77,000 | ||
August | 73,000 |
Required:
Prepare a schedule of cash payments for Fein Company for the month of August. Be sure to enter percentages as whole numbers.
Fein Company Schedule of Cash Payments For August |
||||||
August | ||||||
Payments on accounts payable: | ||||||
From July purchases | ||||||
$ × % | $ | |||||
From August purchases | ||||||
$ × % | ||||||
Direct labor payments: | ||||||
From July | ||||||
$ × % | ||||||
From August | ||||||
$ × % | ||||||
Overhead | ||||||
Loan repayment | ||||||
Cash payments | $ |
SOLUTION
Schedule of Cash Payments
Particulars | Amount ($) |
Payments on accounts payable: | |
From July purchases | 61,600 |
(77,000*80%) | |
From August purchases | 14,600 |
(73,000*20%) | |
Direct labor payments: | |
From July | 3,230 |
(32,300*10%) | |
From August | 31,860 |
(35,400*90%) | |
Overhead (71,200-6,350) | 64,850 |
Loan repayment {15,000+(15,000*9%*4/12)} | 15,450 |
Cash payments | 191,590 |
Cash Payments Schedule Fein Company provided the following information relating to cash payments: Fein purchased direct...
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Cash Payments Schedule Fein Company provided the following information relating to cash payments: a. Fein purchased direct materials on account in the following amounts: June $68,000 July 77,000 August 73,000 b. Fein pays 20% of accounts payable in the month of purchase and the remaining 80% in the following month. C. In July, direct labor cost was $32,800. August direct labor cost was $35,400. The company finds that typically 90% of direct labor cost is paid in cash during...
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8
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Built-Tight is preparing its master budget for the quarter ended
September 30. Budgeted sales and cash payments for product costs
for the quarter follow.
July
August
September
Budgeted sales
$
58,000
$
74,000
$
54,000
Budgeted cash payments for
Direct materials
15,960
13,240
13,560
Direct labor
3,840
3,160
3,240
Factory overhead
20,000
16,600
17,000
Sales are 25% cash and 75% on credit. All credit sales are
collected in the month following the sale. The June 30 balance
sheet includes balances...