Finch Books buys books and magazines directly from publishers and distributes them to grocery stores. The...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/66539849a4bd0_505665398492c9de.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6653984a5aaf4_50566539849f1558.jpg)
Transcribed Image Text:
Finch 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 May $102,000 $122,000 June $134,000 Finch Books' accountant prepared the following schedule of cash payments for inventory purchases. Finch 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. 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 April May June Payment for current accounts payable Payment for previous accounts payable $ 86,700 13,000 Total budgeted payments for inventory $ 99,700 Required B> Finch 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 May $102,000 $122,000 June $134,000 Finch Books' accountant prepared the following schedule of cash payments for inventory purchases. Finch 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. 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 April May June Payment for current accounts payable Payment for previous accounts payable $ 86,700 13,000 Total budgeted payments for inventory $ 99,700 Required B>
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Suppose the corporate tax rate is 40%, and investors pay a tax rate of 15% on income from dividends or capital gains and a tax rate of 33.3% on interest income. Your firm decides to add debt so it...
-
Preparing general journal entries: Use information from the T-accounts in Exercise 2-18 to prepare general journal entries for each of the seven transactions a through g.
-
It has been known for a number of years that the tailings (waste) of gypsum and phosphate mines in Florida contain radioactive radon 222. The radiation levels in waste gypsum and phosphate mounds in...
-
Installment Sales Analysis Complete the followingtable. 2010 2011 2012 Installment sales Cost of installment sales Gross profit Gross profit percentage Cash collections $50,000 $80,000 7) 91.800...
-
GMG Studios plans to invest $52,000 at the end of each year for the next five years. There are three investment options available. Annual Rate Interest Compounded Period Invested Option 1 5 %...
-
Problem 3-6A (Algo) Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) The year-end financial statements of Cobra Tax Services are provided below. Service revenue Expenses:...
-
The sales department needs to rely on information from operations to understand ________. Group of answer choices A. Inventory B. Customer orders C. Demand forecasts D. All of these are correct E....
-
Turn this information into an excel sheets with the excel formulas being shown P12.2 (LO 1, 2) (Liability Entries and Adjustments) Listed below are selected transactions of Schultz Department Store...
-
1. Consider an undirected random graph on the set of four vertices {A, B, C, D} such that each of the 4 2 = 6 potential edges exists with probability 0.2, independently of the presence/absence of any...
-
Basic Net Present Value Analysis Jonathan Butler, process engineer, knows that the acceptance of a new process design will depend on its economic feasibility. The new process is designed to improve...
-
Determine the support reactions at the smooth collar A and the normal reaction at the roller support B. 800 N 600 N B 0.8 m 0.4 m 0.4 m 0.8 m
-
A plant hopes to cool a steam line by sending it through a throttling valve to expand it to atmospheric pressure. The steam enters the valve at 550C and 250 bar. The expansion in the valve happens so...
-
Company payroll is generally considered a(n) ____________ process, in part, because it's usually formally defined and documented. Question content area bottom Part 1 A. semi structured B....
-
Write the formula to separate the return on total assets into its two basic components. Explain how these components of the return on total assets are helpful to financial statement users for...
-
Prepare journal entries to record the following transactions involving both the short-term and long-term investments of Cancun Corp., all of which occurred during calendar year 2008. Use the account...
-
Brooks Co. purchases various investments in trading securities at a cost of $66,000 on December 27, 2008. (This is its first and only purchase of such securities.) At December 31, 2008, these...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App