Question
Answers are needed in editable format. Correct answers. I will not accept image as answer. 2. Wycliff Contractors, Inc., has the following monthly purchasing schedule
Answers are needed in editable format. Correct answers. I will not accept image as answer.
2. Wycliff Contractors, Inc., has the following monthly purchasing schedule and ending accounts payable:
|
| Dec. | Jan. | Feb. | Mar. | Apr. | May | June |
| Purchases | $400 | $375 | $350 | $325 | $400 | $500 | $650 |
| Ending payables |
| 342 | 320 | 297 | 345 | 430 | 555 |
Calculate the days payables outstanding for March, April, May, and June using quarterly purchases to calculate the average daily purchases.
The following table shows the amount of payables remaining in successive months for purchases made during the January through June period of operations. Convert the table to a balance fraction matrix.
|
| Accounts Payable Balances | ||||||
|
| Purchases | Jan. | Feb. | Mar. | Apr. | May | June |
| Jan. | $375 | $262 | $75 |
|
|
|
|
| Feb. | 350 |
| 245 | $70 |
|
|
|
| Mar. | 325 |
|
| 227 | $65 |
|
|
| Apr. | 400 |
|
|
| 280 | $80 |
|
| May | 500 |
|
|
|
| 350 | $100 |
| June | 650 |
|
|
|
|
| 455 |
|
|
|
| $320 | $297 | $345 | $430 | $555
|
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Intermediate Accounting
Authors: James D. Stice, Earl K. Stice, Fred Skousen
17th Edition
032459237X, 978-0324592375
