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Torres Co. forecasts merchandise purchases of $16,800 in January, $18,600 in February, and $22,200 in March: 50% of...
QS 22-27A Merchandising: Cash payments for merchandise LO P4 Torres Co. forecasts merchandise purchases of $16,800 in J...
QS 22-27A Merchandising: Cash payments for merchandise LO P4 Torres Co. forecasts merchandise purchases of $16,800 in January, $17,600 in February, and $21,200 in March; 50% of purchases are paid in the month of purchase and 50% are paid in the following month. At December 31 of the prior year, the balance of Accounts Payable (for December purchases) is $22,000. Prepare a schedule of cash payments for merchandise for each of the months of January, February, and March. TORRES CO....
orres Co. forecasts merchandise purchases of $14,800 in January, $18,600 in February, and $22,200 in March; 40% of purch...
orres Co. forecasts merchandise purchases of $14,800 in January, $18,600 in February, and $22,200 in March; 40% of purchases are paid in the month of purchase and 60% are paid in the following month. At December 31 of the prior year, the balance of Accounts Payable (for December purchases) is $29,000. Prepare a schedule of cash payments for merchandise for each of the months of January, February, and March.
QS 22-27A Merchandising: Cash payments for merchandise LO P4 Torres Co. forecasts merchandise purchases of $14,800...
QS 22-27A Merchandising: Cash payments for merchandise LO P4
Torres Co. forecasts merchandise purchases of $14,800 in
January, $17,600 in February, and $20,200 in March; 50% of
purchases are paid in the month of purchase and 50% are paid in the
following month. At December 31 of the prior year, the balance of
Accounts Payable (for December purchases) is $28,000.
Prepare a schedule of cash payments for merchandise for each of the
months of January, February, and March.
QS 22-27A...
Summit Company has budgeted purchases of merchandise inventory of $454,500 in January and $532,000 in February....
Summit Company has budgeted purchases of merchandise inventory of $454,500 in January and $532,000 in February. Assume Summit pays for inventory purchases 60% in the month of the purchase and 40% in the month after purchase. The Accounts Payable balance on December 31 is $98,150. 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...
Sarasota Company's budgeted sales and direct materials purchases are as follows. January February March Budgeted Sales...
Sarasota Company's budgeted sales and direct materials purchases are as follows. January February March Budgeted Sales $261,300 250,800 344,000 Budgeted D.M. Purchases $39,300 43,300 44,000 Sarasota's sales are 30% cash and 70% 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. Sarasota's purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month of purchase,...
Ultravision Inc. anticipates sales of $440,000 from January through April. Materials will represent 50 percent of...
Ultravision Inc. anticipates sales of $440,000 from January through April. Materials will represent 50 percent of sales, and because of level production, material purchases will be equal for each month during the four months of January, February, March, and April. Materials are paid for one month after the month purchased. Materials purchased in December of last year were $40,000 (half of $80,000 in sales). Labor costs for each of the four months are slightly different due to a provision in...
The following are budgeted data: January February March Sales in units 15,600 21,200 18,600 Production in...
The following are budgeted data: January February March Sales in units 15,600 21,200 18,600 Production in units 18,600 19,600 17,500 One pound of material is required for each finished unit. The inventory of materials at the end of each month should equal 20% of the following month's production needs. Purchases of raw materials for February would be budgeted to be: 18,420 pounds 20,020 pounds 19,180 pounds
Derby Company’s budgeted sales and direct materials purchases are as follows. Budgeted Sales Budgeted Purchases January...
Derby Company’s budgeted sales and direct materials purchases are as follows. Budgeted Sales Budgeted Purchases January $190,000 $30,000 February 210,000 35,000 March 300,000 45,000 Derby’s 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. Derby’s purchases are paid 60% in the month of purchase, and 40% in the month following purchase. A. Prepare a schedule of expected collections from customers for the first...
Please make a cash budget for the months of January, February and March 1999 based on the data for
HASF PVT.LTDBUDGETED INCOME STATEMENTFOR 1st QUARTER 1999DescriptionJANUARYFEBRUARYMARCHSales285,000323,000221,000Purchases129,000168,00095,000Wages35,00037,00030,000Supplies26,00023,00021,500Utilities6,5008,7007,200Rent15,00012,80013,600Insurance12,00012,00012,000Advertising24,50028,50018,000Depreciation20,00020,00020,000Net Profit17,00013,0003,700Required:Please make a cash budget for the months of January, February and March 1999 based on the data for: (5 Marks)View Receivable Trend:30% of Sales are collected in the month of sale30% of Sales are collected after the month of sale40% of Sales are collected two months after the sale is madeView Payable Trend:10% of Purchases are paid for in the month of purchase35% of Purchases are paid after the month of purchase55%...
Bombs Away Video Games Corporation has forecasted the following monthly sales: January February March April May...
Bombs Away Video Games Corporation has forecasted the following monthly sales: January February March April May June $ 101,000 $101,0 July $ 46,000 94,000 August 46,000 26,000 September 56,000 26,000 October 86,000 21,000 November 106,000 36,000 December 124,000 Total annual sales = $768,000 Bombs Away Video Games sells the popular Strafe and Capture video game. It sells for $5 per unit and costs $2 per unit to produce. A level production policy is followed. Each month's production is equal to...
QS 22-27A Merchandising: Cash payments for merchandise LO P4 Torres Co. forecasts merchandise purchases of $16,800 in January, $17,600 in February, and $21,200 in March; 50% of purchases are paid in the month of purchase and 50% are paid in the following month. At December 31 of the prior year, the balance of Accounts Payable (for December purchases) is $22,000. Prepare a schedule of cash payments for merchandise for each of the months of January, February, and March. TORRES CO....
QS 22-27A Merchandising: Cash payments for merchandise LO P4
Torres Co. forecasts merchandise purchases of $14,800 in
January, $17,600 in February, and $20,200 in March; 50% of
purchases are paid in the month of purchase and 50% are paid in the
following month. At December 31 of the prior year, the balance of
Accounts Payable (for December purchases) is $28,000.
Prepare a schedule of cash payments for merchandise for each of the
months of January, February, and March.
QS 22-27A...
Summit Company has budgeted purchases of merchandise inventory of $454,500 in January and $532,000 in February. Assume Summit pays for inventory purchases 60% in the month of the purchase and 40% in the month after purchase. The Accounts Payable balance on December 31 is $98,150. 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...
Sarasota Company's budgeted sales and direct materials purchases are as follows. January February March Budgeted Sales $261,300 250,800 344,000 Budgeted D.M. Purchases $39,300 43,300 44,000 Sarasota's sales are 30% cash and 70% 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. Sarasota's purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month of purchase,...
Ultravision Inc. anticipates sales of $440,000 from January through April. Materials will represent 50 percent of sales, and because of level production, material purchases will be equal for each month during the four months of January, February, March, and April. Materials are paid for one month after the month purchased. Materials purchased in December of last year were $40,000 (half of $80,000 in sales). Labor costs for each of the four months are slightly different due to a provision in...
Bombs Away Video Games Corporation has forecasted the following monthly sales: January February March April May June $ 101,000 $101,0 July $ 46,000 94,000 August 46,000 26,000 September 56,000 26,000 October 86,000 21,000 November 106,000 36,000 December 124,000 Total annual sales = $768,000 Bombs Away Video Games sells the popular Strafe and Capture video game. It sells for $5 per unit and costs $2 per unit to produce. A level production policy is followed. Each month's production is equal to...
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