Tommy company budgeted the subsequent information for

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Reference no: EM13370675

Tommy Company budgeted the subsequent information for 2012

Budgeted purchases: May $104,000 June $110,000 July $102,000

*Cost of goods sold is 40 percent of sales. Accounts payable is used only for inventory acquisitions.
*Tommy purchases and pay for merchandise 60 percent in the month of acquisition and 40% in the subsequent month.
*Selling and administration expenses are budgeted at $40,000 for May and are expected to increases 5 percent per month. They are paid during month of acquisition. In addition, budgeted depreciation is $10,000 per month.
*Income taxes are $38,400 for July and are paid in month incurred.

Instructions: Calculate the amount of budgeted cash disbursements for July.

Reference no: EM13370675

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