How much is the budgeted balance for accounts payable, Accounting Basics

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How much is the budgeted balance for accounts payable

Correy Company reported the following information for 2013:

                                     October    November     December
Budgeted sales $460,000   $440,000      $540,000
Budgeted purchases   $240,000   $256,000      $288,000

• Cost of goods sold is 35% of sales.

• Correy purchases and pays for merchandise 60% in the month of acquisition and 40% in the following month.

• Accounts payable is used only for inventory acquisitions.

How much is the budgeted balance for Accounts Payable at October 31, 2013?

A. $204,000

B. $96,000

C. $144,000

D. $102,400

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Accounting Basics: How much is the budgeted balance for accounts payable

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Accounting Basics: How much is the budgeted balance for accounts payable

Reference No:- TGS054011

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : What amount must be remitted to the state

Q : Maximizing the profit for a period

Q : Selling price per unit and variable costs

Q : Net change to profits

Q : How much is the budgeted balance for accounts payable

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Q : Compute the revenue to be recognized in the fiscal year

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: How much is the budgeted balance for accounts payable

Reference No:- TGS054011

Recent Questions Asked Accounting Basics

Q : What amount must be remitted to the state

Q : Maximizing the profit for a period

Q : Selling price per unit and variable costs

Q : Net change to profits

Q : How much is the budgeted balance for accounts payable

Q : Completion revenue recognition process

Q : Compute the revenue to be recognized in the fiscal year

Q : Prepare appropriate journal entry to record the disposition

Q : Problem on percentage of completion method

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