Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer no cursive Cash Payments Schndule Feln Comparny orovided the foasiving informbtion relating to cash payments: 10. Fein pyys 204 of accounts payable in

please answer no cursive image text in transcribed
image text in transcribed
Cash Payments Schndule Feln Comparny orovided the foasiving informbtion relating to cash payments: 10. Fein pyys 204 of accounts payable in the monith of purchabe and the temaining 80% in the following month. c. In 301y. direct labor coit was 372,300 . August direct labor cost was 535,400 . The compacy finds that typicaliv 90% of direct labor cost is paid in cash during the month, with the remainder paid in the following mantht. d. August overhesd amounted to $71,200, inchiding $6,350 of depredation. e. Fein had taken cut a 4+month loan of $18,000 on Moy 1. Interest, due wath dayment of principsl, accrued at the rate of 94 per yeat. The loan and all interest were repaid on Ausurt 31. (Wote: Use whole montrs ta compute interost parmenti). Required: Prepare a schedule of cash payments for Fein Compony for the manth of Auguat, Be sure to enter percentages as whole numbers. Schedule of Cash Payments For August August Payments on accounts payable: From July purchases x % From August purchases x % Direct labor payments: From July x % From August x % Overhead Loan repayment Cash payments

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 A Global Approach

Authors: Sidney J. Gray, Belverd E. Needles

1st Edition

9780395839867

Students also viewed these Accounting questions

Question

How is vacation and sick time accrued?

Answered: 1 week ago

Question

Is your management system defined?

Answered: 1 week ago

Question

Do you have a comprehensive communication plan for your strategy?

Answered: 1 week ago

Question

Do you have sufficiently ambitious milestones?

Answered: 1 week ago