Ashland Corporation, a merchandising firm, is preparing its cash budget for October. The following information...
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Accounting
Ashland Corporation, a merchandising firm, is preparing its cash budget for October. The following information is available concerning its inventories:
Inventories at beginning of October
$
505,000
Estimated purchases for October
1,980,000
Estimated cost of goods sold for October
2,025,000
Estimated payments in October for purchases in September
495,000
Estimated payments in October for purchases prior to September
90,000
Estimated payments in October for purchases in October
70
%
Required:
What are the estimated cash disbursements in October?
Cash disbursements:
Answer & Explanation
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