Two questions please Hammond Com y ha budg cd purchases me ch disc i vo to y of

Question

Two questions please

Hammond Com y ha budg cd purchases me ch disc i vo to y of $157 500 in Januan and $530 50C in Frt Assume ammann pays for i ento y p rchasca 50% n the manmar m $97.77Pesaro a scheduk or cash payments for purchascs nor January and FCbuary. (ira box is not usod n lhe table loave the box ompry: do not cnnora zcro > p r hasc and 50% in he month mor purchase The Account Pavablc balance on Doc mber 3 Cash Payments January February Total merchandise inventory purchases January February Dec. 31 Accounts Payable, paid in J Ji n-an. merchandise Inventory purchases paid in Jan Jan-Jan merchandse Inventory purchases pald In Feb Total payments for merchandise inventory Enterary number in the erfit finds and then continue to thet next questian

Explanation / Answer

Answer =1 January February Cash Payments Total Merchandise inventory purchases 457500 530500 January February Merchandise Inventory Dec - 31 Accounts Payable paid in Jan 97775 0 Jan- Jan merchandise purchse paid in Jan $           2,28,750 Jan- Jan merchandise purchse paid in Feb $           2,28,750 Feb- Feb Merchandise purchased paid in feb = $           2,65,250 TOTAL Paymnet for merchandise purchases $           3,26,525 $           4,94,000 Answer =2 CASH RECEIPTS FROM THE CUSTOMERS November December January February Sales and budgetd Sales $           3,95,000 $           4,10,000 $            3,00,000 $             3,48,000 60 % Collected in the month of Sale $           2,37,000 $           2,46,000 $            1,80,000 $             2,08,800 30 % is collected in next Month of Sales $           1,18,500 $            1,23,000 $                 90,000 6 % is collected in Two Month after Sales $                23,700 $                 24,600 4% uncollectable $                         -   $                          -   Total Cash Collectd in January and February $            3,26,700 $             3,23,400 SAME CALCULATION IN THE TOUR FORMATE January February Nov - Credit Sales collected in Jan $               23,700 Dec - Credit Sales Collected in Jan $           1,23,000 Dec - Credit Sales Collected in Feb $               24,600 Jan - Credit sales collected in the monh of Jan $           1,80,000 Jan - Credit sales collected in the monh of Feb $               90,000 Feb - Credit sales collected in the monh of Feb $           2,08,800 Total $           3,26,700 $           3,23,400

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