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Cash Payments Schedule Fein Company provided the following information relating to cash payments: Fein...

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Accounting

Cash Payments Schedule

Fein Company provided the following information relating to cash payments:

  1. Fein purchased direct materials on account in the following amounts:
    June $68,000
    July 77,000
    August 73,000
  2. Fein pays 20% of accounts payable in the month of purchase and the remaining 80% in the following month.
  3. In July, direct labor cost was $32,300. 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.
  4. August overhead amounted to $79,200, including $6,350 of depreciation.
  5. Fein had taken out a 4-month loan of $20,000 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.

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Fein Company Schedule of Cash Payments For August August Payments on accounts payable: From July purchases % From August purchases % Direct labor payments: From July bh I DO X % From August X % Overhead Loan repayment Cash payments

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