Question
Maria Bockman, Bates & Hill Fabricators accounts payable manager, has just received the companys direct materials purchases budget for the first quarter. January February March
Maria Bockman, Bates & Hill Fabricators accounts payable manager, has just received the companys direct materials purchases budget for the first quarter.
January | February | March | Quarter | |||||
---|---|---|---|---|---|---|---|---|
Budgeted purchase cost | $21,223 | $41,603 | $36,702 | $99,528 |
The company makes all of its direct materials purchases on account. Marias recent review of the companys payment history revealed that the company pays for 50% of its direct materials purchases in the month of purchase and 50% in the month following purchase. The company expects to have an accounts payable balance of $14,940 on January 1, and this amount represents the remaining payables from Decembers direct materials purchases. Prepare Bramble & Hills cash payments budget for the coming year. (Round answers to 0 decimal places, e.g. 5,275. Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.)
Cash Payments Budget | |||||||
---|---|---|---|---|---|---|---|
January | February | March | Total Cash Payments | ||||
December A/P | $Enter a dollar amount Enter a dollar amount | $Enter a dollar amount Enter a dollar amount | $Enter a dollar amount Enter a dollar amount | $Enter a dollar amount Enter a dollar amount | |||
January purchases | Enter a dollar amountEnter a dollar amount | Enter a dollar amountEnter a dollar amount | Enter a dollar amountEnter a dollar amount | Enter a dollar amountEnter a dollar amount | |||
February purchases | Enter a dollar amountEnter a dollar amount | Enter a dollar amountEnter a dollar amount | Enter a dollar amountEnter a dollar amount | Enter a dollar amountEnter a dollar amount | |||
March purchases | Enter a dollar amountEnter a dollar amount | Enter a dollar amountEnter a dollar amount | Enter a dollar amountEnter a dollar amount | Enter a dollar amountEnter a dollar amount | |||
Total | $Enter a total amountEnter a total amount | $Enter a total amountEnter a total amount | $Enter a total amountEnter a total amount | $Enter a total amountEnter a total amount |
Prepare Bramble & Hills cash payments budget for the first quarter.
Accounts Payable balance | $Enter Accounts Payable balance in dollars Enter Accounts Payable balance in dollars |
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