The following data have been taken from the budget reports of Kenyon Company, a merchandising...
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Accounting
The following data have been taken from the budget reports of Kenyon Company, a merchandising company.
Purchases
Sales
January
$
194,000
$
134,000
February
$
194,000
$
234,000
March
$
194,000
$
274,000
April
$
174,000
$
334,000
May
$
174,000
$
294,000
June
$
154,000
$
274,000
Forty percent of purchases are paid for in cash at the time of purchase, and 30% are paid for in each of the next two months. Purchases for the previous November and December were $184,000 per month. Employee wages are 10% of sales for the month in which the sales occur. Marketing and administrative expenses are 20% of the following month's sales. (July sales are budgeted to be $254,000.) Interest payments of $54,000 are paid quarterly in January and April. Kenyon's cash disbursements for the month of April would be: (CMA adapted)
Multiple Choice
$183,000.
$332,200.
$261,575.
$324,353.
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