Zisk Co. purchases raw materials on account. Budgeted purchase amounts are April, $80,000; May, $110,000; and June, $120,000. Payments are made as follows: 70% in the month of purchase and 30% in the month after purchase. The March 31 balance of accounts payable is $22,000.Prepare a schedule of budgeted cash payments for Apri, May, and June.

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Answer:

A schedule of cash payments for April, May, and June is prepared.

Explanation:

The following image shows the calculation and explanation of the cash payment schedule.

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