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Question - Sheridan, Inc. 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
$299800
$290700
$319300
$279100
$210000
Budgeted purchases
$144900
$120000
$127200
$132600
$89000
Customer amounts on account are collected 65% in the month of sale and 35% in the following month.
Cost of goods sold is 65% of sales.
Sheridan purchases and pays for merchandise 35% in the month of acquisition and 65% in the following month.
Operating expenses are: Salaries, $49000; Depreciation, $11900; Rent, $15300; and Utilities, $15000.
Accounts payable is used only for inventory acquisitions.
Required - How much is Sheridan' budgeted balance for Accounts Payable at May 31, 2020?
a. $124680
b. $78000
c. $44520
d. $82680
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