Solution-How much is the budgeted balance for accounts

How much is the budgeted balance for accounts payable

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Reference no: EM133172573

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?

Reference no: EM133172573

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How much is the budgeted balance for accounts payable

Reference no: EM133172573

Reference no: EM133172573

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