Question

Johnson Company has budgeted purchases of merchandise inventory of $456,250 in January and $531,250 in February. Assume Johnson pays for inventory purchases 70% in the month of purchase and 30% in the month after purchase. The Accounts Payable balance on December 31 is $97,575.
Prepare a schedule of cash payments for purchases for January and February.


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  • CreatedJune 15, 2015
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