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Preparing an Accounts Payable Schedule Wight Inc. purchases raw materials on account for use in production. The direct materials purchases budget shows the following expected
Preparing an Accounts Payable Schedule
Wight Inc. purchases raw materials on account for use in production. The direct materials purchases budget shows the following expected purchases on account:
April | $375,000 |
May | 410,000 |
June | 415,200 |
Wight typically pays 30% on account in the month of billing and 70% the next month.
Required:
1. How much cash is required for payments on account in May? $fill in the blank 1
2. How much cash is expected for payments on account in June? $fill in the blank 2
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