Yogi Company budgeted direct materials purchases of $192,250 in January and $138,610 in February. Assume Yogi...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Yogi Company budgeted direct materials purchases of $192,250 in January and $138,610 in February. Assume Yogi pays for direct materials purchases 40% in the month of purchase and 60% in the month after purchase. The Accounts Payable balance on January 1 is $55,000. Prepare a schedule of cash payments for purchases for January and February. Round to the nearest dollar. Begin by computing the total cash payments for direct materials for January and February. Then, compute the Accounts Payable balance at February 28. (Round all amounts you enter into the budget to the nearest whole dollar. If an input field is not used in the table leave the input field empty; do not enter a zero.) Cash Payments January February Total direct materials purchases January February Cash Payments Direct Materials: Accounts Payable balance, January 1 Jan.-Jan. direct material purchases paid in Jan. Jan.-Jan. direct material purchases paid in Feb. Feb.-Feb. direct material purchases paid in Feb. Total payments for direct materials Yogi Company budgeted direct materials purchases of $192,250 in January and $138,610 in February. Assume Yogi pays for direct materials purchases 40% in the month of purchase and 60% in the month after purchase. The Accounts Payable balance on January 1 is $55,000. Prepare a schedule of cash payments for purchases for January and February. Round to the nearest dollar. Begin by computing the total cash payments for direct materials for January and February. Then, compute the Accounts Payable balance at February 28. (Round all amounts you enter into the budget to the nearest whole dollar. If an input field is not used in the table leave the input field empty; do not enter a zero.) Cash Payments January February Total direct materials purchases January February Cash Payments Direct Materials: Accounts Payable balance, January 1 Jan.-Jan. direct material purchases paid in Jan. Jan.-Jan. direct material purchases paid in Feb. Feb.-Feb. direct material purchases paid in Feb. Total payments for direct materials
Expert Answer:
Answer rating: 100% (QA)
January February Total direct materials purchases 192250 138610 January Februar... View the full answer
Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
Posted Date:
Students also viewed these accounting questions
-
Yada Company budgeted direct materials purchases of $192,340 in January and $138,260 in February. Assume Yada pays for direct materials purchases 30% in the month of purchase and 70% in the month...
-
Barnes Company budgeted direct materials purchases of $191,990 in January and $138,610 in February. Assume Barnes pays for direct materials purchases 60% in the month of purchase and 40% in the month...
-
Preparing a schedule of cash payments for inventory purchases Sciara Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects to purchase...
-
Suppose that the vice president of marketing asks you to write a program to create labels for a onetime advertising promotion. As IT manager, you know that the labels can be prepared more efficiently...
-
List the four major methods of collecting data, and explain their differences.
-
Name and describe the four types of markets and the challenges they pose with respect to setting prices.
-
Describe what is meant by the term political malpractice.
-
Data concerning a recent period's activity in the Assembly Department, the first processing department in a company that uses process costing, appear below: A total of 26,000 units were completed and...
-
Remarks: Describe a convention for a hub to find out about its nearby neighbors. You ought to indicate the arrangement of your messages and the size of any message fields. [4 marks] Using the...
-
Yang Specialty Products has a generous return policy. Yang gives customers a 30-day trial period, after which they can return the product for a full refund if not satisfied. Under what conditions can...
-
Instant Image Inc. manufactures color laser printers. Model J20 presently sells for $460 and has a product cost of $230, as follows: Direct materials $175 Direct labor 40 Factory overhead 15 Total...
-
How do influencers and thought leaders strategically employ personal branding and persuasive communication to cultivate loyal followings and effect social change?
-
How can rhetorical devices such as ethos, pathos, and logos be effectively utilized to construct compelling arguments and persuade diverse audiences?
-
discuss the role of linguistic techniques such as rhetorical questions, metaphors, and analogies in heightening the persuasiveness of written and spoken discourse ?
-
2.7 Use the following template to prepare an email to the relevant people asking them to verify and approve the financial statements you prepared in question 2.6. Your email should set out the...
-
The acknowledgement that management is responsible for the preparation of the financial statements and ensuring that the statements give a fair presentation of the company's financial position is set...
-
Suppose RO=0x20000000 and R1 = 0x12345678, and the processor uses Little Endian. Assuming that initially the stack point (SP) R13=0x20008000: a) Draw a table to show the memory content and address...
-
Explain the buyers position in a typical negotiation for a business. Explain the sellers position. What tips would you offer a buyer about to begin negotiating the purchase of a business?
-
TXL Advertising paid $250,000 to acquire Seacoast Report, a weekly advertising paper. At the time of the acquisition, Seacoast Report's balance sheet reported total assets of $140,000 and liabilities...
-
Knots and Reynolds provides hair-cutting services in the local community. In February, the business cut the hair of 240 clients, earned $4,900 in revenues, and incurred the following operating costs:...
-
The Oakman Company manufactures products in two departments: Mixing and Packaging. The company allocates manufacturing overhead using a single plant-wide rate with direct labor hours as the...
-
If \(X_{t} \sim N\left(0, \sigma^{2} t ight)\) and \(Y_{t}=e^{X_{t}}\), calculate the pdf of \(Y_{t}\). Calculate \(\mathbf{E}\left[Y_{t} ight]\) and \(V\left(Y_{t} ight)\). Calculate the transition...
-
Let \(B_{t}\) be a standard Brownian motion started at 0 . Use that for any function \(f\) we have: \[\mathbf{E}\left[f\left(B_{t} ight) ight]=\frac{1}{\sqrt{2 \pi t}} \int_{-\infty}^{\infty} f(x)...
-
Let \(X_{t}, t \geq 0\), be defined as \[X_{t}=\left\{B_{t} \mid B_{t} \geq 0 ight\}, \quad \forall t>0\] that is, the process has the paths of the Brownian motion conditioned by the current value...
Study smarter with the SolutionInn App