A city is preparing its cash forecast for the month of July. Based on the following information,

Question:

A city is preparing its cash forecast for the month of July. Based on the following information, compute the estimated cash disbursements for July. 

Items vouchered in July…………………………………………………                               $ 650,000 

Estimated payments in July for items vouchered in July………………..                   50% 

Items vouchered in June…………………………………………………                              $ 400,000 

Estimated payments in July for all items vouchered in June…………….                  70% 

Estimated payments in July for items vouchered prior to June……………         $ 50,000 

Items vouchered in June but returned in July before payment was made..     $20,000.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Introduction to Governmental and Not for Profit Accounting

ISBN: 978-0132776011

7th edition

Authors: Martin Ives, Terry K. Patton, Suesan R. Patton

Question Posted: