Vernon Books expects to purchase the following supplies:
| April | May | June | |||||||
| Required purchases (on account) | $ | 110,000 | $ | 130,000 | $ | 142,000 | |||
Vernon Books’s accountant prepared the following schedule of cash payments for supplies purchases. Vernon Books’s suppliers require that 85 percent of purchases on account be paid in the month of purchase; the remaining 15 percent are paid in the month following the month of purchase.
Required
-
Complete the schedule of cash payments for supplies 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.
Homework Answers
Answer-1)-
| VERNON BOOKS | |||
| Schedule of Cash Payments for Suppliers | |||
| For the Three months ending April to June | |||
| Particulars | April | May | June |
| $ | $ | $ | |
| Purchases on account | 110000 | 130000 | 142000 |
| Cash Paid | |||
| 85% of purchases to be paid in month of purchase | $110000*85%= $93500 | $130000*85%= $110500 | $142000*85%= $120700 |
| 15% of purchases to be paid in month following the month of purchase | 0 | $110000*15%= $16500 | $130000*15%= $19500 |
| Total cash paid to suppliers | $93500 | $127000 | $140200 |
2)- The amount of accounts payable the company will report on its pro forma balance sheet at the end of the second quarter = $142000*15% = $21300.
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