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How much is company budgeted balance for accounts payable

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Reference no: EM132550595

A Company reports all its sales on credit, and pays operating costs in the month incurred. Amounts for 2020 are:

                                           March                April            May            June                   July

Budgeted sales.             $300700.        $289300.     $320400.        $280300    $210600

Budgeted purchases          $143500       $119000         $128500      $131400       $89600

  • Customer amounts on account are collected 60% in the month of sale and 40% in the following month.
  • Cost of goods sold is 60% of sales
  • Company purchases and pays for merchandise 40% in the month of acquisition and 60% in the following month.
  • Operating expenses are: Salaries, $50300; Depreciation, $11400; Rent, $15000; and Utilities, $14100.
  • Accounts payable is used only for inventory acquisitions.

Question 1: How much is Company's budgeted balance for Accounts Payable at May 31, 2020?

Option 1: $124700

Option 2: $71400

Option 3: $51400

Option 4: $77100

Reference no: EM132550595

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