purchases cash payments budget all direct material purchases made by keen and compan 1571435

Purchases Cash Payments Budget. All direct material purchases made by Keen and Company are on credit. Accounts payable at the end of last quarter totaled $50,000. Purchases for the first quarter of the upcoming period are expected to be $200,000. The company expects to pay 40 percent of purchases in the quarter of purchase and 60 percent the quarter following the purchase. Prepare a purchases cash payments budget for the first quarter of the upcoming period using the middle of as a guide. (Hint: you are preparing a purchases cash payments budget for the first quarter only.)