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Having a lot of trouble with budgeting for materials Zisk Co. purchases raw materials on account. Budgeted purchase amounts are: April, $82,000; May, $112,000; and
Having a lot of trouble with budgeting for materials
Zisk Co. purchases raw materials on account. Budgeted purchase amounts are: April, $82,000; May, $112,000; and June, $122,000. Payments are made as follows: 70 % in the month of purchase and 30 % in the month after purchase. The March 31 balance of accounts payable is $24,000. Prepare a schedule of budgeted cash payments for April, May, and June. April May June Current month purchases 70% Ending accounts payable 30% C S C S 0 Total purchases Zisk Co. Schedule of Cash Payments For April, May, and June April May June Cash payments for Current month purchases Prior month purchases Budgeted cash payments for materialsStep by Step Solution
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