Homework Answers
Statement showing Payment to creditors
| Months | Credit Purchases | 50% Payments |
30% Payments |
20% Payments |
| January | 10,000 | 5,000 | 0.00 | 0.00 |
| Feburary | 12,000 | 6,000 | 3,000 | 0.00 |
| March | 8,000 | 4,000 | 3,600 | 2,000 |
| Totals | 30,000 | 15,000 | 6,600 | 2,000 |
Total Payments to creditors = 15,000 + 6,600 + 2,000 = 23,600
So, the Balance of creditors at the end of march = 30,000 - 23,600 = 6,400
Hence , Option (b) ,Rm6,400 is the answer
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Nieto Company’s budgeted sales and direct materials purchases are as follows. Budgeted Sales Budgeted D.M. Purchases...
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Budgeted Sales
Budgeted D.M. Purchases
January
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February
307,100
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March
283,600
42,000
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collected 10% in the month of sale, 50% in the month following
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are as follows.
Budgeted Sales
Budgeted D.M. Purchases
January
$300,000
$60,000
February
330,000
70,000
March
350,000
80,000
Hagen's sales are 40% cash and 60% credit. Credit sales are
collected 10% in the month of sale, 50% in the month following
sale, and 36% in the second month following sale; 4% are
uncollectible. Hagen's purchases are 50% cash and 50% on account.
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• • 40% of purchases are paid for in cash in the month of purchase, and the balance is paid the following month. Labor costs are 25% of sales. Other operating costs are $36,000 per month (including $10,000 of depreciation). Both of these are paid in the month incurred. The cash balance on March 1 is $10,000. A minimum cash balance of $6,000 is required at the end of the month. Money can be borrowed in multiples of $1,000. •...
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are as follows.
Budgeted Sales
Budgeted D.M. Purchases
January
$278,000
$39,600
February
307,100
42,900
March
283,600
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Nieto’s sales are 30% cash and 70% credit. Credit sales are
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sale, and 36% in the second month following sale; 4% are
uncollectible. Nieto’s purchases are 50% cash and 50% on account.
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