Homework Answers
Correct answer----------$43,125
Working
| Payment for | |
| 35% of August purchase | $ 13,475.00 |
| 45% of July Purchase | $ 22,050.00 |
| 20% of June Purchases | $ 7,600.00 |
| Total payment to be made in August | $ 43,125.00 |
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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...
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
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
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?
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
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...
A company budgeted the following purchases for raw materials: Month January February March April May June...
A company budgeted the following purchases for raw materials: Month January February March April May June July Budget $10,000 $20,000 $25,000 $22,000 $27,000 $30,000 $24,000 The company has a policy of paying for 40% of the purchases in the month of purchase, 35% in the month following the purchase, and 25% in the second month following the purchase. Based on this information, what are the budgeted cash disbursements for May?
3) The following information pertains to Amigo Corporation: Month July August September October November December Sa...
3) The following information pertains to Amigo Corporation: Month July August September October November December Sales $30,000 34,000 38,000 42,000 48,000 60,000 Purchases $10,000 12,000 14,000 16,000 18,000 20,000 Cash is collected from customers in the following manner: Month of sale 40% Month following sale 40% Two months following sale 20% • 60% of purchases are paid for in cash in the month of purchase, and the other 40% is paid the following month. Required: Complete the cash budget for...
Armidale Corporation has provided the following cash budget forecasts: Month Sales Purchases July $30,000 $10,000 August...
Armidale Corporation has provided the following cash budget forecasts: Month Sales Purchases July $30,000 $10,000 August 34,000 $12,000 September 38,000 $14,000 October 42,000 $16,000 November 48,000 $18,000 December 60,000 $20,000 Cash is collected from customers in the following manner: Month of sale (2% cash discount)30% , Month following sale 50% ,Two months following sale 15% ,Amount uncollectible 5%. 40% of purchases are paid for in cash in the month of purchase, and the balance is paid the following month. Required:...
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
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
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
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...
3) The following information pertains to Amigo Corporation: Month July August September October November December Sales $30,000 34,000 38,000 42,000 48,000 60,000 Purchases $10,000 12,000 14,000 16,000 18,000 20,000 Cash is collected from customers in the following manner: Month of sale 40% Month following sale 40% Two months following sale 20% • 60% of purchases are paid for in cash in the month of purchase, and the other 40% is paid the following month. Required: Complete the cash budget for...
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