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Exercise 14-8A (Algo) Preparing a schedule of cash payments for inventory purchases LO 14-3 ...

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Accounting

Exercise 14-8A (Algo) Preparing a schedule of cash payments for inventory purchases LO 14-3
Vernon Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects to
purchase the following inventory:
Vernon Books' accountant prepared the following schedule of cash payments for inventory purchases. Vernon Books' suppliers
require that 85 percent of purchases on account be paid in the month of purchase; the remaining 15 percent are paid in the month
following the month of purchase.
Required
a. Complete the schedule of cash payments for inventory purchases by filling in the missing amounts.
b. Determine the amount of accounts payable the company will report on its pro forma balance sheet at the end of the second quarter.
Complete this question by entering your answers in the tabs below.
Required A
Complete the schedule of cash payments for inventory purchases by filling in the missing amounts.
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