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
Homework Answers
Correct answer----(d) $19,845
45% of September’s purchases will be paid in October.
45% of September purchase= $44100 x 45$
Answer---$19,845
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Goliath Company prepared the following purchases budget:
Month
Budgeted Purchases
June
$35,400
July
$41,600
August
$39,100...
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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...
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