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what is the paid month of purchases and the paid month aafter purchases for August snd September? Schedule of Cash Disbursements - Inventory Purchases: On
what is the paid month of purchases and the paid month aafter purchases for August snd September?
Schedule of Cash Disbursements - Inventory Purchases: On June 30,2022 , the company prepared the following balance sheet: b. Sales for June 2022 weres $500,000. Budgeted sales for July 2022 through October 2022 are as follows: c. Sales are 30% for cash and 70% on credit. 50% of each month's credit sales are collected in the month of sale and the remaining 50% is collected in the month after sale; there are no uncollectible accounts anticipated. The accounts receivable balance of $175,000 on June 30,2022 is the result of June credit sales to be paid in July ($500,000 June sales 70% credit sales 50% to be collected in the month after sale). d. The company's budgeted cost of goods sold is 55% of budgeted sales. e. Monthly expenses are budgeted as follows: salaries and wages, $50,000 per month plus 20% of sales; shipping, 2% of sales; advertising, $12,500 per month; and depreciation, $2,500 per month. At the end of each month, management desires inventory on hand to be equal to 15% of the following month's sales, stated at cost Step by Step Solution
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