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Fein Company provided the following information relating to cash payments: Fein purchased direct materials on account in the following amounts: June $68,000 July 77,000 August
Fein Company provided the following information relating to cash payments:
- Fein purchased direct materials on account in the following amounts:
June | $68,000 | ||
July | 77,000 | ||
August | 73,000 |
- Fein pays 20% of accounts payable in the month of purchase and the remaining 80% in the following month.
- In July, direct labor cost was $32,300. 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.
- August overhead amounted to $76,200, including $6,350 of depreciation.
- Fein had taken out a 4-month loan of $24,000 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:
Prepare 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 1 fill in the blank 2 % | $fill in the blank 3 | |||||
From August purchases | ||||||
$fill in the blank 4 fill in the blank 5 % | fill in the blank 6 | |||||
Direct labor payments: | ||||||
From July | ||||||
$fill in the blank 7 fill in the blank 8 % | fill in the blank 9 | |||||
From August | ||||||
$fill in the blank 10 fill 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 |
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