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Determine balance of account payable on bee budgeted balance

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Question - Bee Colonies produces organic honey which it sells to health food stores. The company's cash payments budget for 2022 indicates that all of Bee's direct materials are purchased on account. Bee's payment history indicates that it pays for 70% of its purchases in the quarter of the purchase and 30% in the following quarter. Purchases for the fourth quarter of 2022 were $50,000. Determine the balance of accounts payable on Bee's budgeted balance sheet at December 31, 2022.

Reference no: EM133140580

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