culu-assgtake&inprogress false eBook i Calculator Cash Payments Schedule Fein Company provided the following information relating...
70.2K
Verified Solution
Link Copied!
Question
Accounting
culu-assgtake&inprogress false eBook i Calculator Cash Payments Schedule Fein Company provided the following information relating to cash payments: a. Fein purchased direct materials on account in the following amounts: June July August $68,000 77,000 73,000 b. Fein pays 20% of accounts payable in the month of purchase and the remaining 80% in the folowing month. C. In July, direct labor cost was $32,300. August direct labor cost was $35,400. The company finds that typically 90% of direct labor cost is paid in cash during the month, with the remainder paid in the following month. d. August overhead amounted to $73,200, including $6,350 of depreciation. e. Fein had taken out a 4-month loan of $17,000 on May 1 . Interest, due with payment of principal, accrued at the rate of 9% per year. The loan and all interest were repaid on August 31. (Note: Use whole months to compute interest payment.) Required: Prepare a schedule of cash payments for Fein Company for the month of August. Be sure to enter percentages as whole numbers. Fein Company Schedule of Cash Payments For August August Payments on accounts payable: Previous Next Check My Work for Grading ave and Exit Submit
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
