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General, Inc. has prepared the following direct materials purchases budget: Budgeted DM Purchases $69,000 Month June July 77,500 August 76,900 September 77,800 October 76,800 All purchases are paid for as follows: 10% in the month of purchase, 50% in the following month, and 40% two months after purchase. Calculate the budgeted balance of accounts payable at the end of October.

General, Inc. has prepared the following direct materials purchases budget: Budgeted DM Purchases $69,000 Month June July 77,500 August 76,900 September 77,800 October 76,800 All purchases are paid for as follows: 10% in the month of purchase, 50% in the following month, and 40% two months after purchase. Calculate the budgeted balance of accounts payable at the end of October.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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General, Inc. has prepared the following direct materials purchases budget: Budgeted DM Purchases $69,000 Month June July 77,500 August 76,900 September 77,800 October 76,800 All purchases are paid for as follows: 10% in the month of purchase, 50% in the following month, and 40% two months after purchase. Calculate the budgeted balance of accounts payable at the end of October.
Transcribed Image Text:General, Inc. has prepared the following direct materials purchases budget: Budgeted DM Purchases $69,000 Month June July 77,500 August 76,900 September 77,800 October 76,800 All purchases are paid for as follows: 10% in the month of purchase, 50% in the following month, and 40% two months after purchase. Calculate the budgeted balance of accounts payable at the end of October.
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