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Question - Sunland Company reported the following information for 2016:
October
November
December
Budgeted sales
$450000
$420000
$530000
Budgeted purchases
$230000
$246000
$278000
Cost of goods sold is 35% of sales.
Sunland 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.
Required - How much is the budgeted balance for Accounts Payable at October 31, 2016?
Stellar Corporation had income before income taxes of $192,500 in 2017. Prepare Stellar's 2017 income statement, beginning with Income before income taxes.
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