Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Lough Company prepared the following purchases budget: Month Budgeted Purchases June July August September $40,000 $43,000 $39,600 $46,000 $49,100 October All purchases are paid for

image text in transcribed
Lough Company prepared the following purchases budget: Month Budgeted Purchases June July August September $40,000 $43,000 $39,600 $46,000 $49,100 October All purchases are paid for as follows: 20% two months after purchase, 55% in the following month, and 25% in the month of purchase. What are the cash disbursements in August to account for the June purchases at Lough Company? O A. $25,300 O B. $8,000 C. $22,000 O D. $10,000

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_2

Step: 3

blur-text-image_3

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

Understand Accounting

Authors: Claude Hitching, Derek Stone

1st Edition

0273018833, 978-0273018834

More Books

Students also viewed these Accounting questions

Question

Draw the UML description of the SortPhoneList example.

Answered: 1 week ago

Question

Illustrate the link between business

Answered: 1 week ago