Johnson Company has budgeted purchases of merchandise inventory of 456 250 Johnson Company has…

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Johnson Company has budgeted purchases of merchandise inventory of 456 250
Johnson Company has budgeted purchases of merchandise inventory of $456,250 in January and $531,250 in February. Assume Johnson pays for inventory purchases 70% in the month of purchase and 30% in the month after purchase. The Accounts Payable balance on December 31 is $97,575.

Prepare a schedule of cash payments for purchases for January and February.

Johnson Company has budgeted purchases of merchandise inventory of 456 250

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