Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Goliath Company prepared the following purchases budget: Month Budgeted Purchases June $35,400 July $41,600 August $39,100 September $44,100 October $48,900 All purchases are paid for

Goliath Company prepared the following purchases budget:

Month

Budgeted Purchases

June

$35,400

July

$41,600

August

$39,100

September

$44,100

October

$48,900

All purchases are paid for as follows:

35%

in the month of purchase,

45%

in the following month, and

20%

two months after purchase.

What are the cash disbursements in October to account for the September purchases at Goliath Company?

A.

$7,080

B.

$8,820

C.

$93,000

D.

$ 19,845

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing And Assurance Services A Systematic Approach

Authors: William F. Messier, Steven M. Glover, Douglas F. Prawitt

4th Edition

0071117474, 9780071117470

More Books

Students also viewed these Accounting questions

Question

plan how to achieve impact in practice from your research;

Answered: 1 week ago