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Zisk Co. purchases raw materials on account. Budgeted purchase amounts are: April, $83,000; May, $113,000; and June, $123,000. Payments are made as follows: 70% in the month of purchase and 30% in the month after purchase. The March 31 balance of accounts payable is $25,000 Prepare a schedule of budgeted cash payments for April, May, and June April May June Current month purchases 70%
Ending accounts payable 30% Total purchases

Answer :

VARSHAMITTAL029GO

Total purchases are 83000,113000,123000.

                                                                    April              May               June
Current month purchases        70%      58100            79100          86100
Ending accounts payable         30%     24900           33900          36900
Total purchase                                       83000          113000         123000


                                                   Zisk Co.
                                 Schedule of cash payments        
                                    For April, may, June
                                                                      April            May              June
Cash payments for:
Currents Month purchase                         58100         79100            86100
Prior Month purchases                              25000        24900           33900
Budgeted cash payments for material     83100        104000         120000

Total purchases- The value of all products and services purchased during the accounting period for resale or consumption in the production process, excluding capital items, is included in total purchases of goods and services (the consumption of which is registered as consumption of fixed capital)

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