chandise vertory of $456,000 in January and $530,500 in February. Assume Thiel pays for inventory purchases 40% in the month of the purchase and 60% in the month after purchase. The Accounts Payable balance on December 31 is $98,150. Prepare a schedule of cash payments for purchases for January and February ( a input field is not used in the table leave the input field empty, do not enter a zero) Cash Payments Total merchandise inventory purchases Cash Payments Merchandise Inventory: Dec-Dec. 31 Accounts Payable, paid in Jan. Jan-Jan merchandise inventory purchases paid in Jan. Jan-Jan merchandise inventory purchases paid in Feb. Feb-Feb. merchandise inventory purchases paid in Feb. Total payments for merchandise inventory January January February February

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Thiel Company has budgeted purchases of merchandise inventory of $456,000 in January and $530,500 in February. Assume Thiel pays for inventory purchases 40% in the month of the
purchase and 60% in the month after purchase. The Accounts Payable balance on December 31 is $98,150. Prepare a schedule of cash payments for purchases for January and February. (If an
input field is not used in the table leave the input field empty, do not enter a zero.)
Cash Payments
Total merchandise inventory purchases
Cash Payments
Merchandise Inventory:
Dec-Dec. 31 Accounts Payable, paid in Jan.
Jan-Jan. merchandise inventory purchases paid in Jan.
Jan-Jan. merchandise inventory purchases paid in Feb.
Feb-Feb. merchandise inventory purchases paid in Feb.
Total payments for merchandise inventory
January
January
February
February
Transcribed Image Text:K Thiel Company has budgeted purchases of merchandise inventory of $456,000 in January and $530,500 in February. Assume Thiel pays for inventory purchases 40% in the month of the purchase and 60% in the month after purchase. The Accounts Payable balance on December 31 is $98,150. Prepare a schedule of cash payments for purchases for January and February. (If an input field is not used in the table leave the input field empty, do not enter a zero.) Cash Payments Total merchandise inventory purchases Cash Payments Merchandise Inventory: Dec-Dec. 31 Accounts Payable, paid in Jan. Jan-Jan. merchandise inventory purchases paid in Jan. Jan-Jan. merchandise inventory purchases paid in Feb. Feb-Feb. merchandise inventory purchases paid in Feb. Total payments for merchandise inventory January January February February
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