Solution-What payments for other expenses during the month

What payments for other expenses during the month are

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Reference no: EM132951127

lorne Ltd. developed the following data for the month of October.

Cash balance, October 1st $ 92,250

Cash sales in October 450,000

Credit sales for the month of:

August 300,000

September 225,000

October 375,000

Purchases for the month of:

September 337,500

October 300,000

Other expenses in October:

Salaries 243,750

Utilities 24,750

Depreciation 75,000

70% of credit sales are collected in the month of sale, 15% in the following month, and 10% in the second month following the sale.
25% of purchases are paid in the month of purchase and the remaining 75% in the following month.
100% of other expenses are paid in the month recorded.

Problem 1: Payments for other expenses during the month are $___________ .

Problem 2: The ending cash balance for the month is

Reference no: EM132951127

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What payments for other expenses during the month are

Reference no: EM132951127

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