Question 8

Question 8 --/1 View Policies Current Attempt in Progress Maria Bockman, Bates & Hill Fabricators' accounts payable manager, has just received the company's direct materials purchases budget for the first quarter. January February March Quarter Budgeted purchase cost $42,501 $72,159 $63,445 $178,105 The company makes all of its direct materials purchases on account. Maria's recent review of the company's payment history revealed that the company pays for 50% of its direct materials purchases in the month of purchase and 50% in the month following purchase. The company expects to have an accounts payable balance of $17,640 on January 1, and this amount represents the remaining payables from December's direct materials purchases. Prepare Sheffield & Hill's cash payments budget for the coming year. (Round answers to O decimal places, eg. 5,275. Enter answers in necessary fields only. Leave other fields blank. Do not enter O.) Cash Payments Budget January February March Total Cash Payments December A/P $ January purchases February purchases March purchases Total Prepare Sheffield & Hill's cash payments budget for the first quarter. Accounts Payable balance