Torres Company budgets merchandise purchases of $15,800 in January, $19,600 in February, and $22,200 in March....

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Torres Company budgets merchandise purchases of $15,800 in January, $19,600 in February, and $22,200 in March. For those purpose 50% of purchases are paid in the month of purchase and 50% are paid in the month after the purchase. The company purchased $24,000 of merchandise in December. Prepare a schedule of cash payments for merchandise for the months of January, February, and March. TORRES CO. Cash Payments for Merchandise Purchases Merchandise purchases Cash payments for: Current period purchases Prior period purchases Total cash payments for purchases January February $ 15,800 $ 19,600 March $ 22,200 Torres Company budgets merchandise purchases of $15,800 in January, $19,600 in February, and $22,200 in March. For those purpose 50% of purchases are paid in the month of purchase and 50% are paid in the month after the purchase. The company purchased $24,000 of merchandise in December. Prepare a schedule of cash payments for merchandise for the months of January, February, and March. TORRES CO. Cash Payments for Merchandise Purchases Merchandise purchases Cash payments for: Current period purchases Prior period purchases Total cash payments for purchases January February $ 15,800 $ 19,600 March $ 22,200 Torres Company budgets merchandise purchases of $15,800 in January, $19,600 in February, and $22,200 in March. For those purpose 50% of purchases are paid in the month of purchase and 50% are paid in the month after the purchase. The company purchased $24,000 of merchandise in December. Prepare a schedule of cash payments for merchandise for the months of January, February, and March. TORRES CO. Cash Payments for Merchandise Purchases Merchandise purchases Cash payments for: Current period purchases Prior period purchases Total cash payments for purchases January February $ 15,800 $ 19,600 March $ 22,200 Torres Company budgets merchandise purchases of $15,800 in January, $19,600 in February, and $22,200 in March. For those purpose 50% of purchases are paid in the month of purchase and 50% are paid in the month after the purchase. The company purchased $24,000 of merchandise in December. Prepare a schedule of cash payments for merchandise for the months of January, February, and March. TORRES CO. Cash Payments for Merchandise Purchases Merchandise purchases Cash payments for: Current period purchases Prior period purchases Total cash payments for purchases January February $ 15,800 $ 19,600 March $ 22,200

Answer rating: 100% (QA)

Cash Payments are Calculated as follows 50 of Current Month Purchases 5... View the full answer