Fein Company provided the following information relating to cash payments: a. Fein purchased direct materials on account
Question:
Fein Company provided the following information relating to cash payments:
a. Fein purchased direct materials on account in the following amounts:
June ...................$68,000
July .....................77,000
August ..................73,000
b. Fein pays 20% of accounts payable in the month of purchase and the remaining 80% in the following month.
c. In July, direct labor cost was $32,300. August direct labor cost was $35,400. The company finds that typically 90% of direct labor cost is paid in cash during the month, with the remainder paid in the following month.
d. August overhead amounted to $71,200, including $6,350 of depreciation.
e. Fein had taken out a four-month loan of $15,000 on May 1. Interest, due with payment of principal, accrued at the rate of 9% per year. The loan and all interest were repaid on August 31.
Required:
Prepare a schedule of cash payments for Fein Company for the month of August.
Accounts Payable Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...
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