Cash Payments Schedule

Fein Company provided the following information relating to cash payments:

a.Fein purchased direct materials on account in the following amounts:

June

$68,000

July

77,000

August

73,000

b.Fein pays 20% of accounts payable in the month of purchase and the remaining 80% in the following month.

c.In July, direct labor cost was $33,800. August direct labor cost was $35,400. The company finds that typically 90% of direct labor cost is paid in cash during the month, with the remainder paid in the following month.

d.August overhead amounted to $74,200, including $6,350 of depreciation.

e.Fein had taken out a 4-month loan of $18,000 on May 1. Interest, due with payment of principal, accrued at the rate of 9% per year. The loan and all interest were repaid on August 31. (Note: Use whole months to compute interest payment.)

Required:

make a schedule of cash payments for Fein Company for the month of August. Be sure to enter percentages as whole numbers.

Fein Company

Schedule of Cash Payments

For August

August

Payments on accounts payable:

From July purchases

$fill in the blank 1fill in the blank 2%

$fill in the blank 3

From August purchases

$fill in the blank 4fill in the blank 5%

fill in the blank 6

Direct labor payments:

From July

$fill in the blank 7fill in the blank 8%

fill in the blank 9

From August

$fill in the blank 10fill in the blank 11%

fill in the blank 12

Overhead

fill in the blank 13

Loan repayment

fill in the blank 14

Cash payments

$fill in the blank 15