Business, 17.07.2020 03:01, Karinaccccc
Fein Company provided the following information relating to cash payments:
Fein purchased direct materials on account in the following amounts:
June $68,000
July 77,000
August 73,000
Fein pays 20% of accounts payable in the month of purchase and the remaining 80% in the following month.
In July, direct labor cost was $32,300. August direct labor cost was $35,400. The company finds that typically 90% of direct labor cost is paid in cash during the month, with the remainder paid in the following month.
August overhead amounted to $71,200, including $6,350 of depreciation.
Fein had taken out a 4-month loan of $15,000 on May 1. Interest, due with payment of principal, accrued at the rate of 9% per year. The loan and all interest were repaid on August 31.
Required:
Prepare a schedule of cash payments for Fein Company for the month of August. Be sure to enter percentages as whole numbers.
Fein Company
Schedule of Cash Payments
For August
August
Payments on accounts payable:
From July purchases
From August purchases
Direct labor payments:
From July
From August
Overhead
Loan repayment
Cash payments
Answers: 2
Other questions on the subject: Business
Business, 22.06.2019 17:30, chilanka
Dr. sperry, a biologist, is using excel to track growth rates of different populations of bacteria. she has a very complex formula in one cell. it begins with “round”. dr. sperry would like to see exactly how excel’s calculation reached the final rounded value that she sees in the cell. what could dr. sperry do to best understand how the calculation was made? try different formulas on her own until she reaches the value shown in excel click on the evaluate formula button in the formulas tab and then click “step in” select the cell and then look at the formula in the formula field of the ribbon remove “round” from the formula in order to see the actual value before rounding
Answers: 2
Business, 23.06.2019 02:30, naruto63
Cadillac's portfolio consists of sedans, a crossover, a sport utility vehicle, and a high-performance version of the sedan. the sedans are sold through the cadillac dealer network, but the high-performance version is sold in limited volumes and is not available at all dealers. this difference in availability is an example of how the products within the cadillac portfolio are differentiated by the
Answers: 3
Do you know the correct answer?
Fein Company provided the following information relating to cash payments:
Fein purchased direct ma...
Questions in other subjects:
Mathematics, 16.01.2021 22:10
History, 16.01.2021 22:10
