A city is preparing its cash forecast for the month of July. Based on the following information,
Question:
A city is preparing its cash forecast for the month of July. Based on the following information, compute the estimated cash disbursements for July.
Items vouchered in July………………………………………………… $ 650,000
Estimated payments in July for items vouchered in July……………….. 50%
Items vouchered in June………………………………………………… $ 400,000
Estimated payments in July for all items vouchered in June……………. 70%
Estimated payments in July for items vouchered prior to June…………… $ 50,000
Items vouchered in June but returned in July before payment was made.. $20,000.
Step by Step Answer:
Introduction to Governmental and Not for Profit Accounting
ISBN: 978-0132776011
7th edition
Authors: Martin Ives, Terry K. Patton, Suesan R. Patton