Yandell Company budgeted direct materials purchases of $191.440 in January and $138.840 in February. Assume Yandell pays for direct materials purchases 60% in the month of purchase and 40% in the month after purchase. The Accounts Payable balance on January 1 is $20.000. Prepare a schedule of cash payments for purchases for January and February, including the calculation for the Accounts Payable balance on February 28. Round to the nearest dollar. Begin by computing the total cash payments for direct materials for January and February. Then, compute the Accounts Payable balance at February 28. (Round all amounts you enter into the budget to the nearest whole dollar. If an input field is not used in the table leave the input field empty, do not enter a zero.) Cash Payments Total direct materials purchases Cash Payments Direct Materials Accounts Payable balance, January 1 Jan-Jan. direct material purchases paid in Jan. Jan-Jan. direct material purchases paid in Feb Feb.-Feb. direct material purchases paid in Feb Total payments for direct materials January January February February

Yandell Company budgeted direct materials purchases of $191.440 in January and $138.840 in February. Assume Yandell pays for direct materials purchases 60% in the month of purchase and 40% in the month after purchase. The Accounts Payable balance on January 1 is $20.000. Prepare a schedule of cash payments for purchases for January and February, including the calculation for the Accounts Payable balance on February 28. Round to the nearest dollar. Begin by computing the total cash payments for direct materials for January and February. Then, compute the Accounts Payable balance at February 28. (Round all amounts you enter into the budget to the nearest whole dollar. If an input field is not used in the table leave the input field empty, do not enter a zero.) Cash Payments Total direct materials purchases Cash Payments Direct Materials Accounts Payable balance, January 1 Jan-Jan. direct material purchases paid in Jan. Jan-Jan. direct material purchases paid in Feb Feb.-Feb. direct material purchases paid in Feb Total payments for direct materials January January February February

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

On March 1 of the current year, Spicer Corporation compiled information to prepare a cash budget for March, April, and May. All of the company's sales are made on account. The following information has been provided by Spicer's management. Month January February March April May Credit Sales $ 300,000 (actual) 400,000 (actual) 559,000 (estimated) 556,000 (estimated) 800,000 (estimated) The company's collection activity on credit sales historically has been as follows. Collections in the month of the sale Collections one month after the sale. Collections two months after the sale Uncollectible accounts. 50% 30 Cash balance on March 31 Cash balance on April 30 Cash balance on May 31 15 5 Spicer's total cash expenditures for March, April, and May have been estimated at $1.200,000 (an average of $400.000 per month). Its cash balance on March 1 of the current year is $500,000. No financing or investing activities are anticipated during the second quarter. Compute Spicer's budgeted cash…
The selling and administrative expense budget of Garney Corporation is based on the number of units sold, which are budgeted to be 4,500 units in October. The variable selling and administrative expense is $6.50 per unit. The budgeted fixed selling and administrative expense is $28,080 per month, which includes depreciation of $11,520. The remainder of the fixed selling and administrative expense represents current cash flows. Required: Prepare the selling and administrative expense budget for October. Note: Do not round your intermediate calculations. Round your final answers to the nearest whole number. Fixed selling and administrative expense Total selling and administrative expense Cash disbursements for selling and administrative expenses October S 0 0
Assume a company's sales budget for July estimates 17,000 units sold. The variable selling and administrative expense used for budgeting purposes is $4.00 per unit sold. The total budgeted cash disbursements for selling and administrative expenses in July is $139,000. The total fixed selling and administrative expenses included in the selling and administrative expense budget for July is $100,000. What is the amount of depreciation included in the selling and administrative expense budget for July? Multiple Choice O OOO $14,000 $32,000 $29,000 $47,000
Prepare the following budgets for the months of April, May, and June: 1. Sales budget. 2. Production budget.3. Direct materials budget. The management of Zigby Manufacturing prepared the following balance sheet for March 31. ZIGBY MANUFACTURING Balance Sheet March 31 Assets Liabilities and Equity Cash $ 65,000 Liabilities Accounts receivable 399,000 Accounts payable $ 204,500 Raw materials inventory 90,200 Loan payable 27,000 Finished goods inventory 308,028 Long-term note payable 500,000 $ 731,500 Equipment $ 630,000 Equity Less: Accumulated depreciation 165,000 465,000 Common stock 350,000 Retained earnings 245,728 595,728 Total assets $ 1,327,228 Total liabilities and equity $ 1,327,228 To prepare a master budget for April, May, and June, management gathers the following information. Sales for March total 22,800 units. Budgeted sales in units follow: April, 22,800; May, 16,000; June, 23,000; and July, 22,800.…
Zisk Company purchases direct materials on credit. Budgeted purchases are April, $85,000; May, $115,000; and June, $125,000. Cash payments for purchases are: 75% in the month of purchase and 25% in the first month after purchase. Purchases for March are $75,000. Prepare a schedule of cash payments for direct materials for April, May, and June. Schedule of Cash Payments for Direct Materials April May Materials purchases Cash payments for: ZISK COMPANY Total cash payments June
Zisk Company purchases direct materials on credit. Budgeted purchases are April, $80,000; May, $110,000; and June, $120,000. Cash payments for purchases are: 70% in the month of purchase and 30% in the first month after purchase. Purchases for March are $70,000. Prepare a schedule of cash payments for direct materials for April, May, and June.
The budget director of Heathers Florist has prepared the following sales budget. The company had $ 121,600 in accounts receivable on July 1. Heathers Florist normally collects 100 percent of accounts receivable in the month following the month of sale.Required Complete the schedule of cash receipts by filling in the missing amounts.Determine the amount of accounts receivable the company will report on its third quarter pro forma balance sheet.
Prepare a budgeted balance sheet at March 31 using the following information from Zimmer Company. a. The cash budget for March shows an ending loan balance of $20,000 and an ending cash balance of $75,000. b. The sales budget for March shows sales of $140,000. Accounts receivable at the end of March are budgeted to be 60% of March sales. c. The merchandise purchases budget shows that $91,000 in merchandise will be purchased on credit in March. Purchases on credit are paid 100% in the month following the purchase. d. Ending merchandise inventory for March is budgeted to be 800 units at a cost of $35 each. e. Income taxes payable of $28,000 are budgeted at the end of March. f. Accounting records at the end of March show budgeted equipment of $82,000 with accumulated depreciation of $35,000. g. Common stock of $35,000 and retained earnings of $60,000 are budgeted at the end of March. ZIMMER COMPANY Budgeted Balance Sheet As of March 31 $ 0 0 0
S ABC Company's raw materials purchases for June, July, and August are budgeted at $39,000, $29,000, and $54,000, respectively. Based on past experience, ABC expects that 70% of a month's raw material purchases will be paid in the month of purchase and 30% in the month following the purchase. Required: Prepare an analysis of cash disbursements from raw materials purchases for ABC Company for August. Budgeted raw material purchases August cash payments: Current month's purchases Prior month's purchases Total cash payments June July August $ 0
Ivanhoe Company, a retailer of camping supplies has budgeted activity for January using the following data: January cash sales January credit sales Collections from December credit sales Selling and administrative costs (paid in month of purchase) Depreciation expense Merchandise Inventory, January 1 Merchandise Inventory, January 31 Cost of goods sold is 30% of Cooper's selling price All purchases are paid in cash Credit sales are collected 60% in the month of sale, 30% in the following month, and 10% is deemed uncollectible What is Ivanhoe's budgeted cash disbursements for January? Total January disbursements $ $59,000 386,000 155,000 59,000 22,000 199,000 211,000
Riverbed Inc. provided the following information: April Projected merchandise purchases $92,500 Calculate budgeted cash disbursements for May. May $82,000 Total budgeted cash disbursements $ June Riverbed pays for 40% of merchandise purchases in the month of the purchase and 60% in the following month. General operating expenses are budgeted to be $34,500 per month of which depreciation is $3,400 of this amount. Riverbed pays operating expenses in the month incurred. Riverbed makes loan payments of $5,000 per month of which $550 is interest and the remainder is principal. $69,000
The budget director of Heather's Florist has prepared the following sales budget. The company had $340,000 in accounts receivabl on July 1. Heather's Florist normally collects 100 percent of accounts receivable in the month following the month of sale. Required a. Complete the schedule of cash receipts by filling in the missing amounts. b. Determine the amount of accounts receivable the company will report on its third quarter pro forma balance sheet. Complete this question by entering your answers in the tabs below. Required A Required B Complete the schedule of cash receipts by filling in the missing amounts. Sales Budget Cash sales Sales on account Total budgeted sales Schedule of Cash Receipts Current cash sales Plus: Collections from accounts receivable Total budgeted collections July August September $ 76,000 $ 67,000 $ 73,000 94,000 101,000 123,600 $170,000 $168,000 $196.600 $416,000 $ 161,000 $ 174,000 Ragu A Required B>