Mighty Company has provided the following budgeted purchases: June $500,000 July $650,000 August $420,000 September $300,000...
Mighty Company has provided the following budgeted purchases:
|
June |
$500,000 |
|
July |
$650,000 |
|
August |
$420,000 |
|
September |
$300,000 |
|
October |
$800,000 |
The company pays for purchases as follows:
|
Current month |
75% |
|
One month later (after the purchase) |
20% |
|
Two months later (after the purchase) |
5% |
What are the budgeted cash disbursements for the month of August?
Homework Answers
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Mighty Company has provided the following budgeted
purchases:
June
$500,000
July
$650,000
August
$420,000
September
$300,000...
Lough Company prepared the following purchases budget: Month June July August September October Budgeted Purchases...
Lough Company prepared the following purchases budget: Month June July August September October Budgeted Purchases $43,000 $44,000 $38,800 $51,000 $49,100 All purchases are paid for as follows: 5% two months after purchase, 40% in the following month, and 55% in the month of purchase. What are the total cash disbursements in August to account for the purchase of merchandise at Lough Company? O A. $49,345 O B. $21,340 OC. $43,190 OD. $41,090
Lough Company prepared the following purchases budget: Month June July August September October Budgeted Purchases $38,000...
Lough Company prepared the following purchases budget: Month June July August September October Budgeted Purchases $38,000 $49,000 $38,500 $50,000 $49,900 All purchases are paid for as follows: 20% two months after purchase, 45% in the following month, and 35% in the month of purchase. What are the total cash disbursements in August to account for the purchase of merchandise at Lough Company? O $47,665 $43,050 O $13,475 O $43.125
Goliath Company prepared the following purchases budget: Month Budgeted Purchases June $35,400 July $41,600 August $39,100...
Goliath Company prepared the following purchases budget: Month Budgeted Purchases June $35,400 July $41,600 August $39,100 September $44,100 October $48,900 All purchases are paid for as follows: 35% in the month of purchase, 45% in the following month, and 20% two months after purchase. What are the cash disbursements in October to account for the September purchases at Goliath Company? A. $7,080 B. $8,820 C. $93,000 D. $ 19,845
Question 9 Samson Company prepared the following purchases budget: Month Budgeted Purchases June $35,600 July $42,500...
Question 9 Samson Company prepared the following purchases budget: Month Budgeted Purchases June $35,600 July $42,500 August $39,600 September $45,800 October $49,400 All purchases are paid for as follows: 20% in the month of purchase, 60% in the following month, and 20% two months after purchase. What are the total dollar cash disbursements budgeted for October for the purchase of merchandise? $9,880 $49,400 $45,280 $37,360
Lough Company prepared the following purchases budget: Month June Budgeted Purchases $43,000 $45,000 $39,300 $52,000 $48,100...
Lough Company prepared the following purchases budget: Month June Budgeted Purchases $43,000 $45,000 $39,300 $52,000 $48,100 August September October All purchases are paid for as follows: 5% two months after purchase, 40% in the following month, and 55% in the month of purchase What are the cash disbursements in October to account for the September purchases at Lough Company? OA. $52,000 B. $2,600 O c. $20,800 O D. $2,150
ABC Company’s raw materials purchases for June, July, and August are budgeted at $46,000, $36,000, and...
ABC Company’s raw materials purchases for June, July, and August
are budgeted at $46,000, $36,000, and $61,000, respectively. Based
on past experience, ABC expects that 40% of a month’s raw material
purchases will be paid in the month of purchase and 60% in the
month following the purchase.
Required:
Prepare an analysis of cash disbursements from raw materials
purchases for ABC Company for August.
June July August Budgeted raw material purchases August cash payments: Current month's purchases Prior month's purchases...
Galina, Inc. has prepared the following direct materials purchases budget: Budgeted DM Month Purchases June $68,000 Jul...
Galina, Inc. has prepared the following direct materials purchases budget: Budgeted DM Month Purchases June $68,000 July 79,500 August 78,700 September 76,200 October 73,800 All purchases are paid for as follows: 10% in the month of purchase, 50% in the following month, and 40% two months after purchase. Calculate the budgeted balance of accounts payable at the end of October A. $66,420 O B. $96,900 OC. $30,480 OD. $60,000
A company has the following budgeted sales: July $200,000 August $300,000 September $250,000 20% of the...
A company has the following budgeted sales: July $200,000 August $300,000 September $250,000 20% of the sales are for cash, and 80% are on credit. 25% of the credit sales are collected in the month of sale, and 75% are collected the next month. What are the total expected cash receipts during September?
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Purchases and Cash Budgets On July 1, MTC Wholesalers had a cash balance of $262,500 and accounts payable of $148,500. Actual sales for May and June, and budgeted sales for July, August, September, and October are: Month Actual Sales Month Budgeted Sales May $225,000 July $ 135,000 June 240,000 August 120,000 September 150,000 October 180,000 All sales are on credit with 75 percent collected during the month of sale, 20 percent collected during the next month, and 5 percent collected...
Osage Inc. has actual sales for May and June and forecast sales for July August September,...
Osage Inc. has actual sales for May and June and forecast sales for July August September, and October as follows: 5,910 units 6,280 units Actual: May June Forecast: July August September October 5,970 units 6,840 units 5,580 units 5,330 units Required: a. The firm's policy is to have finished goods Inventory on hand at the end of the month that is equal to 75% of the next month's sales. It is currently estimated that there will be 4,478 units on...
Lough Company prepared the following purchases budget: Month June July August September October Budgeted Purchases $43,000 $44,000 $38,800 $51,000 $49,100 All purchases are paid for as follows: 5% two months after purchase, 40% in the following month, and 55% in the month of purchase. What are the total cash disbursements in August to account for the purchase of merchandise at Lough Company? O A. $49,345 O B. $21,340 OC. $43,190 OD. $41,090
Lough Company prepared the following purchases budget: Month June July August September October Budgeted Purchases $38,000 $49,000 $38,500 $50,000 $49,900 All purchases are paid for as follows: 20% two months after purchase, 45% in the following month, and 35% in the month of purchase. What are the total cash disbursements in August to account for the purchase of merchandise at Lough Company? O $47,665 $43,050 O $13,475 O $43.125
Question 9 Samson Company prepared the following purchases budget: Month Budgeted Purchases June $35,600 July $42,500 August $39,600 September $45,800 October $49,400 All purchases are paid for as follows: 20% in the month of purchase, 60% in the following month, and 20% two months after purchase. What are the total dollar cash disbursements budgeted for October for the purchase of merchandise? $9,880 $49,400 $45,280 $37,360
Lough Company prepared the following purchases budget: Month June Budgeted Purchases $43,000 $45,000 $39,300 $52,000 $48,100 August September October All purchases are paid for as follows: 5% two months after purchase, 40% in the following month, and 55% in the month of purchase What are the cash disbursements in October to account for the September purchases at Lough Company? OA. $52,000 B. $2,600 O c. $20,800 O D. $2,150
ABC Company’s raw materials purchases for June, July, and August
are budgeted at $46,000, $36,000, and $61,000, respectively. Based
on past experience, ABC expects that 40% of a month’s raw material
purchases will be paid in the month of purchase and 60% in the
month following the purchase.
Required:
Prepare an analysis of cash disbursements from raw materials
purchases for ABC Company for August.
June July August Budgeted raw material purchases August cash payments: Current month's purchases Prior month's purchases...
Galina, Inc. has prepared the following direct materials purchases budget: Budgeted DM Month Purchases June $68,000 July 79,500 August 78,700 September 76,200 October 73,800 All purchases are paid for as follows: 10% in the month of purchase, 50% in the following month, and 40% two months after purchase. Calculate the budgeted balance of accounts payable at the end of October A. $66,420 O B. $96,900 OC. $30,480 OD. $60,000
Osage Inc. has actual sales for May and June and forecast sales for July August September, and October as follows: 5,910 units 6,280 units Actual: May June Forecast: July August September October 5,970 units 6,840 units 5,580 units 5,330 units Required: a. The firm's policy is to have finished goods Inventory on hand at the end of the month that is equal to 75% of the next month's sales. It is currently estimated that there will be 4,478 units on...
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