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bernie2981 bernie2981
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8 years ago
Cave Hardware's forecasted sales for April; May; June; and July are $200,000; $230,000; $190,000; and $240,000; respectively. Sales are 65% cash and 35% credit with all accounts receivables collected in the month following the sale. Cost of goods sold is 75% of sales and ending inventory is maintained at $60,000 plus 10% of the following month's cost of goods sold. All inventory purchases are paid 22% in the month of purchase and 78% in the following month.

What is the balance of accounts payable on the June 30 budgeted balance sheet at Cave Hardware?
A) $108,225
B) $114,075
C) $146,250
D) $32,175
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Managerial Accounting

Managerial Accounting


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nucleinuclei
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bernie2981 Author
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#2
8 years ago
Answers my question perfectly.
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#3
3 years ago
Thanks
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