Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Lough Company prepared the following purchases budget: Month June July August September October Budgeted Purchases $43,000 $44,000 $38,800 $51,000 $49,100 All purchases are paid for

image text in transcribed

Lough Company prepared the following purchases budget: Month June July August September October Budgeted Purchases $43,000 $44,000 $38,800 $51,000 $49,100 All purchases are paid for as follows: 5% two months after purchase, 40% in the following month, and 55% in the month of purchase What are the total cash disbursements in August to account for the purchase of merchandise at Lough Company? OA. $21,340 O B. $41,090 O C. $49,345 O D. $43,190

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

Financial accounting

Authors: Walter T. Harrison Jr., Charles T. Horngren, C. William Thom

9th edition

978-0132751216, 132751127, 132751216, 978-0132751124

More Books

Students also viewed these Accounting questions

Question

Provide some explanations for the profit shortfall.

Answered: 1 week ago