Question

Savi Homework: Chapter 22 HW core: 0 of 1 pt 10 of 11 (2 complete) HW Score: 16.78%, 1.85 of 11 -22-16 (similar to) Question Help Jefferson Company has budgeted purchases of merchandise inventory of $458,750 in January and $531,000 in February. Assume Jefferson pays for inventory purchases 40% in the month of the purchase and 60% in the month after purchase. The Accounts Payable balance on December 31 is $98,275. Prepare a schedule of cash payments for purchases for January and February (If a box is not used in the table leave the box empty, do not enter a zero.) Cash Payments January February Total merchandise inventory purchases January February Cash Payments Merchandise Inventory: Dec-Dec31 Accounts Payable, paid in Jan. danJan merchandise inventory purchases paid in Jan Jan-Jan merchandise inventory purchases paid in Feb Enter any number in the edit fields and then click Check Answer All parts showing Clear All Check Answer Type here to search

Answer 1

Schedule of Cash Payments
		January	February
	Total Merchandise inventory purchases	$                                        458,750	$                               531,000
		January	February
	Cash Payments
	Merchandise inventory:
	Dec- Dec 31 Accounts Payable paid in Jan	$                                          98,275
	Jan- Jan mechandise inventory purchaes paid in Jan (458750*40%)	$                                        183,500
	Jan- Jan mechandise inventory purchaes paid in Feb (458750*60%)		$                               275,250
	Feb- Feb mechandise inventory purchaes paid in Feb (531000*40%)		$                               212,400
	Expected Cash Payments for purchases	$                                        281,775	$                               487,650

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