Exercise 7-8A (Algo) Preparing a schedule of cash payments for inventory purchases LO 7-3 Vernon Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects to purchase the following inventory: April $108,000 Required purchases (on account) May $ 128,000 June $140,000 Vernon Books' accountant prepared the following schedule of cash payments for inventory purchases. Vernon 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. May June Schedule of Cash Payments for Inventory Purchases April Payment for current accounts payable $ 102,600 Payment for previous accounts payable 6,000 Total budgeted payments for inventory $ 108,600 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