Johnson company budgeted the following information for 2006 :budgeted purchases May,104,000 June 110,000 July 102,000 August 100,000
- cost of goods sold is 40% of sales. Accounts payable is used only for inventory acquisitions
- Johnson purchases and pays for merchandise 60% in month of aquistion and 40% in the following month.
- selling and administrative expenses are budgeted at 40,000 dollars for may and are expected to increase 5% per month. they are paid during the month of acquisition.in addition, budgeted deprecation is 10,000 per month.
- Johnson pays 4,500 per,month for its 6%note payable in interest.
- income taxes are 38400 for July and are paid in the month incurred
How much are the budgeted cash disbursements for July?