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Question: 23 Eastern Auto Parts Inc. has forecasted the following purchases for the 2nd Quarter of 2022. April $350,000 May $500,000 and June $600,000 Past

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Question: 23 Eastern Auto Parts Inc. has forecasted the following purchases for the 2nd Quarter of 2022. April $350,000 May $500,000 and June $600,000 Past results indicate that 10% of purchases are cash and 90% on account. Credit purchases are paid as follows: 20% in the same month of purchase, 60% in the month following the purchase, and the balance during the month after. Accounts Payable from February and March credit purchases were $300,000 and $400,000 respectively. Prepare a Cash Payment schedule for the 2nd quarter of 2022. [12 Marks) 1859, DO 90-315,00

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