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

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.

Step by Step Solution

3.32 Rating (167 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

July payments for July purchases 650000 x 5... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

374-B-A-N-P-O (206).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!