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SashulF [63]
3 years ago
14

Preparing an Accounts Payable Schedule Pilsner Inc. purchases raw materials on account for use in production. The direct materia

ls purchases budget shows the following expected purchases on account: April $374,400 May 411,200 June 416,000 Pilsner typically pays 25% on account in the month of billing and 75% the next month.Required: 1. How much cash is required for payments on account in May?
2. How much cash is expected for payments on account in June?
Business
2 answers:
n200080 [17]3 years ago
4 0

Answer:

1. Cash required for payment in May - $383,600

2. Cash expected for payment in June - $412,400

Explanation:

Payments are made in two parts for the purchase of direct materials. From which 25% is being paid in the same month as bill and remainder (75%) in the next month. Therefore, the cash required for May would be calculated as follows:

$411,200 x 25% = $102,800 (Payment made same month)

$374,400 x 75% = $280,800 (Payment for the previous month, April)

Cash Required for payment in May is $383,600 ($102,800 + $280,800)

Cash expected for payments for June would be as follows:

$416,000 x 25% = $104,000 (Payment made same month)

$411,200 x 75% = $308,400 (Payment for the previous month, May)

Cash Expected for payment in June is $412,400 ($104,000 + $308,400)

Ganezh [65]3 years ago
3 0

Answer:

1. $383 300 is due for the month of May.

2. $412 400 is due for the month of June

Explanation:

1. May = ($374000 * 75% from April purchases) + ($411 200 * 25% from May purchases)

= $280 500 + $102 800  

= $383 300 is due for the month of May

2. June = ($411 200 * 75% from May purchases) + ($416 000 * 25% from June purchases)  

= $308 400 + $104 000

= $412 400 is due for the month of June

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5 0
3 years ago
When the businesses within an organization share some resources and technologies and each business generates less than 40 percen
igor_vitrenko [27]

Answer:

A. related-constrained

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You wish to retire in 10 years, at which time you want to have accumulated enough money to receive an annual annuity of $13,000
nexus9112 [7]

Answer:

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3 0
3 years ago
Jason and Mary are married taxpayers in 2019. They are both under age 65 and in good health. For 2019 they have a total of $41,0
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Answer:

a. Adjusted Gross income is calculated as;

= Wages + Interest - Deduction

= 41,000 + 700 - 5,000

= $36,700

b. The couple will pick their Standard deduction in 2019 because its more than the itemized deduction.

Standard deduction for couples in 2019 = $24,400

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= Adjusted Gross income - Standard deduction

= 36,700 - 24,400

= $12,300

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7 0
3 years ago
Vanessa bought a house for $268,500. She has a 30 year mortgage with a fixed rate of 6.25%. Vanessaâs monthly payments are $1,59
Musya8 [376]

Answer:

Ans. A) $9,314.45

Explanation:

Hi, first we have to bring to present value the monthly payments to be made for 30 years (360 months). In order for this to be useful, we have to convert this annua compounded monthly rate (6.25%) to an effective rate, that is 6.25% / 12 = 0.5208%. Now, when we find this present value, we are going to substract it from the price of the house and that is the value of the down payment. But let´s just go ahead and do it together.

We have to use this formula to bring to present value the $1,595.85 monthly payments, for 30 years (360 months) at a rate of 6.25% (0.5208% monthly).

PresentValue=\frac{A((1+r)^{n}-1) }{r(1+r)^{n} }

It should look like this

PresentValue=\frac{1,595.85((1+ 0.005208 )^{360}-1) }{0.005208(1+0.005208)^{360} }

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DownPayment=268,500-259,185.55= 9,314.45

So, the answer is a). $9,314.45

Best of luck.

5 0
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