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(Solved) (Latest ver. Aug 2020) - Jackson Sales Company Cash Payment Schedule

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Jackson Sales Company
Selling and Administrative Expenses Budget
For the Quarter Ended June 30, 2005
Apr May Jun Total
Salaries $1,000 $1,200 $1,300 $3,500
Rent 200 200 200 600
Utilities 120 180 220 520
Depreciation 80 80 80 240
Other 500 600 650 1,750
Total $1,900 $2,260 $2,450 $6,610

Jackson Sales Company
Purchase Budget
For the Quarter Ended June 30, 2005
Apr May Jun Total
Forecasted Unit Sales 70 80 90 240
+ Desired Ending Inventory 16 18 19 19
= Total Units Needed 86 98 109 259
-Beginning Inventory (15) (16) (18) (15)
= Units to Be Purchased 71 82 91 244
x Cost per Unit $100 $100 $100 $100
= Cost of Purchase $7,100 $8,200 $9,100 $24,400

Selling and administrative expenses are paid in the month incurred and purchases are paid in the month following the purchase. Purchases for March 2005 are $6,800. No equipment purchases or additional expenditures are made during the quarter.

Required: Prepare a cash payment schedule for the second quarter of 2005.

Reference
Werner, M. L. & Jones, K. H. (2004). Introduction to Accounting A User Perspective. 2nd Upper Saddle River, NJ: Pearson Education Inc.

 







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