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Payne Company provided the following information relevant to its inventory sales and purchases for December 2013 and the first quarter of 2014: Desired ending inventory levels are 25% of the following month's projected cost of goods sold. The company purchases all inventory on account. January 2014 budgeted purchases are $150,000. The normal schedule for inventory payments is 60% payment in month of purchase and 40% payment in month following purchase.
Budgeted cash payments for inventory in February 2014 would be:
Statement Of Retained Earnings
A financial document that outlines the changes in retained earnings for a company over a specific period, showing how much profit is reinvested in the business or distributed to shareholders.
Balance Sheet
A financial statement that shows a company's assets, liabilities, and shareholders' equity at a specific point in time.
Income Statement
A financial document that reports a company's revenues, expenses, and profits over a specific period.
Liabilities
Financial obligations or debts that an entity owes to others, which must be settled over time through the transfer of economic benefits.
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