Exercise $14-8$A $($Algo$)$ Preparing a schedule of cash payments for inventory purchases LO $14-3$

Vernon Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects to

purchase the following inventory:

Vernon Books' accountant prepared the following schedule of cash payments for inventory purchases. Vernon Books' suppliers

require that $85$ percent of purchases on account be paid in the month of purchase; the remaining $15$ percent are paid in the month

following the month of purchase.

Required

a$.$ Complete the schedule of cash payments for inventory purchases by filling in the missing amounts.

b$.$ Determine the amount of accounts payable the company will report on its pro forma balance sheet at the end of the second quarter.

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Required $A$

Complete the schedule of cash payments for inventory purchases by filling in the missing amounts.