FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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What is the balance of accounts payable at May 31st?
Transcribed Image Text:**Cash Disbursements Schedule**
This table outlines the cash disbursements for the months of April, May, and June, along with the quarterly total. Below is a breakdown of the disbursements:
1. **Accounts Payable as of March 31:**
- **Quarter Total:** $12,000
2. **April Purchases:**
- 50% of $56,000 = $28,000 to be paid in April
- 50% of $56,000 = $28,000 to be paid in May
3. **May Purchases:**
- 50% of $88,600 = $44,300 to be paid in May
- 50% of $88,600 = $44,300 to be paid in June
4. **June Purchases:**
- 50% of $56,800 = $28,400 to be paid in June
**Total Cash Disbursements:**
- **April:** $40,000
- **May:** $72,300
- **June:** $72,700
- **Quarter Total:** $185,000
This schedule provides a comprehensive view of when and how much cash will be disbursed for outstanding accounts payable and new purchases across the three-month period.
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