Exercise 14-8A (Algo) Preparing a schedule of cash payments for inventory purchases LO 14-3 Solomon Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects to purchase the following inventory Required purchases (on account) April $111,000 May $131,000 June $143,000 Solomon Books' accountant prepared the following schedule of cash payments for inventory purchases. Solomon Books' suppliers require that 95 percent of purchases on account be paid in the month of purchase; the remaining 5 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. Complete this question by entering your answers in the tabs below. Required A Required B Complete the schedule of cash payments for inventory purchases by filling in the missing amounts. Schedule of Cash Payments for Inventory Purchases Payment for current accounts payable Payment for previous accounts payable Total budgeted payments for inventory April $ 105,450 8,000 $ 113,450 S Required A May June 0 $ Required B > Exercise 14-8A (Algo) Preparing a schedule of cash payments for inventory purchases LO 14-3 Solomon Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects to purchase the following inventory: Required purchases (on account) April $111,000 May $131,000 June $143,000 Solomon Books' accountant prepared the following schedule of cash payments for inventory purchases. Solomon Books' suppliers require that 95 percent of purchases on account be paid in the month of purchase; the remaining 5 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. Complete this question by entering your answers in the tabs below. Required A Required B Determine the amount of accounts payable the company will report on its pro forma balance sheet at the end of the second quarter. Accounts payable