Gibson Books expects to purchase the following supplies: Required purchasen (on

Question

Gibson Books expects to purchase the following supplies: Required purchasen (on account) $116,000 136,0000140 00 Gibson Books's accountant prepared the following schedule of cash payments for supplies purchases. Gibson Books's suppliers require that 90 percent of purchases on account be pald in the month of purchase: the remaining 10 percent are pald in the month following the month of purchase. Required a. Complete the schedule of cash payments for supplies purchases by filling in the missing amounts. b. Determine the amount of accounts payable the company will report on its pro forma balance sheet at the end of the second quarter Complete this question by entering your answers in the tabs below Required A Required 8 Complete the schedule of cash payments for supplies purchases by filling in the missing amounts. Schedule of Cash Payments for Supplies Purchases April S 104,400 Ma June Payment for current accounts payable Payment for previous accounts payable Total budgeted payments for supplies 8,000 $ 112,400

Explanation / Answer

Schedule of cash payments to supplies April May June Payment for current account Payable 104400 122400 133200 Payment for previous account payable 0 11600 13600 Total budgeted payments for supplies 104400 134000 146800 Amount of accounts Payable 14800 (148000*.1)

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