Question

he following selected data pertain to Flagship Corporation: Cash operating expenses July 1-31 $ 188,000 Depreciation...

he following selected data pertain to Flagship Corporation:

Cash operating expenses July 1-31 $ 188,000
Depreciation 68,000
Merchandise purchases in July 568,000
Estimated payments in July for June purchases 228,000
Estimated payments in July for purchases prior to June 58,000
Estimated payments in July for purchases in July 35 %

July's cash disbursements are expected to be:

Multiple Choice

  • $386,800.

  • $454,800.

  • $672,800.

  • $740,800.

  • None of the answers is correct.

Business   Accounting   
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Answer #1
Cash operating expenses July 1-31 $         1,88,000
Estimated payments in July for June purchases $         2,28,000
Estimated payments in July for purchases prior to June $             58,000
Estimated payments in July for purchases in July (568000*35%) $         1,98,800
July's cash disbursements $         6,72,800
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