XYour answer is incorrect. Try again Plack Company budgeted the following inform

Question

XYour answer is incorrect. Try again Plack Company budgeted the following information for 2016: May June July Budgeted purchases $104,000 $110,000 $102,000 -Cost of goods sold is 40% of sales. Accounts payable is used only for inventory acquisitions. . Plack purchases and pays for merchandise 60% in the month of acquisition and 40% in the following month per month. They are paid durng the month of acquisition. In addition, budgeted Selling and administrative expenses are budgeted at $30,000 for May and are expected to increase 5% depreciation is $10,000 per month. Income taxes are $38,400 for July and are paid in the month incurred Compute the amount of budgeted cash disbursements for July. Cash Disbursements 186,675

Explanation / Answer

July Payment for purchases 105200 =(102000*60%)+(110000*40%) Selling and administrative expenses 33075 =30000*1.05*1.05 Income taxes 38400 Cash disbursements 176675

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