QS 7-27A (Algo) Merchandising: Schedule of cash payments LO P4 Torres Company budgets merchandise purchases of $16,800 in January. $19,600 in February, and $21,200 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 $ 16,800 $ 19,600 $ 21,200