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Solomon Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects to purchase the following inventory: Required purchases

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Solomon Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects to purchase the following inventory: Required purchases (on account) $108,000 5128,000 $140,000 Solomon Books' accountant prepared the following schedule of cash payments for inventory purchases. Solomon Books' suppliers require that 90 percent of purchases on account be paid in the month of purchase the remaining 10 percent are paid in the month following the month of purchase Required .. Complete the schedule of cash payments for inventory purchases by filling in the missing amounts b. Determine the amount of accounts payable the company will report on its pro forma balance sheet at the end of the second quarter Complete this question by entering your answers in the tabs below. Required Complete the schedule of cash payments for inventory purchases by Schedule of Cash Pa s tor Purchase the missing amounts Complete this question by entering your answers in the tabs below. Required A Required B Complete the schedule of cash payments for inventory purchases by filling in the missing amounts. Schedule of Cash Payments for Inventory Purchases April May Payment for current accounts payable 97.2005 126,000 Payment for previous accounts payable 11,000 Total budgeted payments for inventory $ 108,200 June 138,800 $ Required B > Required a. Complete the schedule of cash payments for inventory purchases by filling in the missing amounts. b. Determine the amount of accounts payable the company will report on its pro forma balance sheet at the end of the second qu Complete this question by entering your answers in the tabs below. Required A Required B Determine the amount of accounts payable the company will report on its pro forma balance sheet at the end of the second quarter Accounts payable 5 14.000

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