Vivian Books buys books and magazines directly from publishers and distributes them to grocery stores. The...
|
Vivian 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) | $ | 104,000 | $ | 124,000 | $ | 136,000 | |||
|
Vivian Books’s accountant prepared the following schedule of cash payments for inventory purchases. Vivian 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 |
| a. |
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. |
Homework Answers
a) Schedule of cash payment
| April | May | June | Total | |
| April Purchase | 93600 | 10400 | 104000 | |
| May Purchase | 111600 | 12400 | 124000 | |
| June purchase | 122400 | 122400 | ||
| Total cash payment | 93600 | 122000 | 134800 | 350400 |
b) Account payable = 136000*10% = 13600
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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...
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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...
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