Business, 17.04.2021 19:50 Fangflora3
Fein Company provided the following information relating to cash payments:
Fein purchased direct materials on account in the following amounts:
June $68,000
July 77,000
August 73,000
Fein pays 20% of accounts payable in the month of purchase and the remaining 80% in the following month.
In July, direct labor cost was $33,800. 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.
August overhead amounted to $77,200, including $6,350 of depreciation.
Fein had taken out a four-month loan of $23,000 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.
Answers: 1
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Fein Company provided the following information relating to cash payments:
Fein purchased direct ma...
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