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What is the projected balance in accounts payable on august

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Reference no: EM132107543

Question - The July 31st 1997 balance sheet of sun Corp follows

Cash 8000

Accounts receivable (net of allowances for uncollectible accounts of $2,000) 38000

Inventory 16000

Property plant and equipment (net of allowances for accumulated depreciation of $60000) 40000 $102,000

Accounts payable $ 82500

Common stuck 50000

Retained earnings (deficit) (30,500) $102,000

Sales are budgeted as follows August $110,000  

September $120,000

Collections are expected to be 60% in the month of sale 38% the next month and 2% uncollectible

The gross margin is 25% of sales. Purchases each month are 75% of the next month projected sales. The purchases are paid in full the following month

Other expenses for each month paid in cash or expected to be $16,500. Depreciation each month is $5,000.

What is the projected balance in accounts payable on August 31st 1997?

A. 106500

B. 90000

C. 82500

Reference no: EM132107543

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