accounting 498533
Exercise 20-11 Merchandising: Budgeted cash disbursements LO P1
| Hector Company reports the following: |
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accounting 498533
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| July | August | September | ||||
| Sales | $ | 19,000 | $ | 27,000 | $ | 31,000 |
| Purchases | 11,210 | 15,930 | 19,000 | |||
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Payments for purchases are made in the month after purchase. Selling expenses are 20% of sales, administrative expenses are 10% of sales, and both are paid in the month of sale. Rent expense of $2,000 is paid monthly. Depreciation expense is $1,600 per month. |
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Prepare a schedule of budgeted cash disbursements for August and September. |
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