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Calculate the accounts payable balance at the end

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Question - Sarah Allen, Vaughn & Jason Fabricators' accounts payable manager, has just received the company's direct materials purchases budget for the first quarter.

 

January

February

March

Quarter

Budgeted purchase cost

$252,000

$260,000

$292,000

$804,000

The company makes all of its direct materials purchases on account. Sarah's recent review of the company's payment history revealed that the company pays for 25% of its direct materials purchases in the month of purchase and 75% in the month following purchase. The company expects to have an accounts payable balance of $ 18,000 on January 1, and this amount represents the remaining payables from December's direct materials purchases.

Required -

1. Prepare Vaughn & Jason's cash payments budget for the first Quarter.

2. Calculate the accounts payable balance at the end of first Quarter.

Reference no: EM133065549

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