Question

Maria Bockman, Bates & Hill Fabricators’ accounts payable manager, has just received the company’s direct materials...

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

$18,361 $36,768 $32,459 $87,588


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 $14,040 on January 1, and this amount represents the remaining payables from December’s direct materials purchases.

Prepare Concord & Hill’s cash payments budget for the coming year. (Round answers to 0 decimal places, e.g. 5,275. Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.)

Cash Payments Budget
January February March Total Cash Payments
December A/P $Enter a dollar amount Enter a dollar amount $Enter a dollar amount Enter a dollar amount $Enter a dollar amount Enter a dollar amount $Enter a dollar amount Enter a dollar amount
January purchases Enter a dollar amountEnter a dollar amount Enter a dollar amountEnter a dollar amount Enter a dollar amountEnter a dollar amount Enter a dollar amountEnter a dollar amount
February purchases Enter a dollar amountEnter a dollar amount Enter a dollar amountEnter a dollar amount Enter a dollar amountEnter a dollar amount Enter a dollar amountEnter a dollar amount
March purchases Enter a dollar amountEnter a dollar amount Enter a dollar amountEnter a dollar amount Enter a dollar amountEnter a dollar amount Enter a dollar amountEnter a dollar amount
Total $Enter a total amount Enter a total amount $Enter a total amount Enter a total amount $Enter a total amount Enter a total amount $Enter a total amount Enter a total amount


Prepare Concord & Hill’s cash payments budget for the first quarter.

Accounts Payable balance $Enter Accounts Payable balance in dollars Enter Accounts Payable balance in dollars

Homework Answers

Answer #1
January February March Total Cash Payments
December A/P 14040 14040
January purchases 9181 9181 18362
February purchases 18384 18384 36768
March purchases 16230 16230
Total 23221 27565 34614 85400
Accounts Payable balance 16230 =32459*50%
Workings:
January February March
January purchases =18361*50% =18361*50%
February purchases =36768*50% =36768*50%
March purchases =32459*50%
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