Calculating Payments [LO3] The Torrey Pine Corporation's purchases from suppliers in a quarter are equal to 75 percent of the next quarter's forecast sales. The payables period is 60 days. Wages, taxes, and other expenses are 20 percent of sales, and interest and dividends are $90 per quarter. No capital expenditures are planned. Projected quarterly sales are shown here: Q1 Q2 Q3 Q4 Sales $980 $930 $1,070 $1,250 Sales for the first quarter of the following year are projected at $1,090. Calculate the company's cash outlays by completing the following: Q1 Q2 Q3 Q4 Payment of accounts Wages, taxes, other expenses Long-term financing expenses (interest and dividends) Total

Calculating Payments [LO3] The Torrey Pine Corporation's purchases from suppliers in a quarter are equal to 75 percent of the next quarter's forecast sales. The payables period is 60 days. Wages, taxes, and other expenses are 20 percent of sales, and interest and dividends are $90 per quarter. No capital expenditures are planned. Projected quarterly sales are shown here: Q1 Q2 Q3 Q4 Sales $980 $930 $1,070 $1,250 Sales for the first quarter of the following year are projected at $1,090. Calculate the company's cash outlays by completing the following: Q1 Q2 Q3 Q4 Payment of accounts Wages, taxes, other expenses Long-term financing expenses (interest and dividends) Total

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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