isk Co. purchases raw materials on account. Budgeted purchase amounts are April, $96,000; May, $126,000; and June, $136,000. Payments are made as follows: 70% in the month of purchase and 30% in the month after purchase. The March 31 balance of accounts payable is $38,000. Prepare a schedule of budgeted cash payments for April, May, and June.

Given that Payments are made as follows: 70% in the month of purchase and 30% in the month after purchase, therefore, firstly we need to differentiate the total amount of purchases of each month into 70% and 30%. 70% of the purchases will be paid in current month and balance 30% of the purchases will be ending accounts payable for that month and paid in next month. This is shown as follows:

Particulars                                         April         May          June

Current month purchases  70%$67,200  $88,200    $95,200

Ending accounts payable   30%   $28,800   $37,800    $40,800

Total purchases                             $96,000  $126,000  $136,000

The schedule of budgeted cash payments for the month of April May and June are shown as follows:-

                            Schedule of Cash Payments    

                               For April, May, and June

                                                                      April           May         June

Cash payments for:

Current month purchases                          $67,200   $88,200   $95,200  

Prior month purchases                               $38,000   $28,800   $37,800

Budgeted cash payments for materials  $105,200 $117,000  $133,000

the correct answer is economics is a game without winners or losers.

unlike sports or games economic is a game without losers or winner rather it is a game where everyone wins. parties of business doing businesses exchange money with each other and hence exchange is done on the basis of goods. one party takes the goods and other sales it so there is winner on both sides. each party values more highly the good it gets than the good it gives up. both sides exchange only because both intend to increase their value. so there is no concept of lose or win.