QS 22-27A (Static) Merchandising: Schedule of cash payments LO P4 Torres Company budgets merchandise purchases of $15,800 in January, $18,600 in February, and $20,200 in March. For those purchases, 40% of purchases are paid in the month of purchase and 60% are paid in the month after the purchase. The company purchased $25,000 of merchandise in December. Prepare a schedule of cash payments for merchandise for the months of January, February, and March. TORRES COMPANY Cash Payments for Merchandise Purchases Merchandise purchases Cash payments for: Current period purchases Prior period purchases Total cash payments for merchandise purchases January February March $ 15,800 $18,600 $ 20,200