Cash Disbursements Assume that Waycross Manufacturing manages its cash flow from its home office. Waycross...
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Accounting
Cash Disbursements Assume that Waycross Manufacturing manages its cash flow from its home office. Waycross controls cash disbursements by category and month. In setting its budget for the next six months, beginning in July, it used the following managerial guidelines:
Category
Guidelines
Purchases
Pay half in current and half in following month.
Payroll
Pay 70 percent in current month and 30 percent in following month.
Loan Payments
Pay total amount due each month.
Predicted activity for selected months follow:
Category
May
June
July
August
Purchases
$30,000
$40,000
$48,000
$50,000
Payroll
100,000
120,000
130,000
100,000
Loan Payments
10,000
10,000
11,000
11,000
Prepare a schedule showing cash disbursements by account for July and August.
Waycross Manufacturing Schedule of Cash Disbursements For the Months of July and August
July
August
Accounts payable
$Answer
$Answer
Payroll
Answer
Answer
Loan payments
Answer
Answer
Total
$Answer
$Answer
Answer & Explanation
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