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Panther Hardware's forecasted sales for April; May; June; and July are $250,000; $300,000; $170,000; and $230,000; respectively. Sales are 65% cash and 35% credit with all accounts receivables collected in the month following the sale. Cost of goods sold is 80% of sales and ending inventory is maintained at $80,000 plus 20% of the following month's cost of goods sold. All inventory purchases are paid 24% in the month of purchase and 76% in the following month. What is the balance of accounts payable on the June 30 budgeted balance sheet at Panther Hardware? O $110,656 O $82.688 O $145,600 O $129,200

Panther Hardware's forecasted sales for April; May; June; and July are $250,000; $300,000; $170,000; and $230,000; respectively. Sales are 65% cash and 35% credit with all accounts receivables collected in the month following the sale. Cost of goods sold is 80% of sales and ending inventory is maintained at $80,000 plus 20% of the following month's cost of goods sold. All inventory purchases are paid 24% in the month of purchase and 76% in the following month. What is the balance of accounts payable on the June 30 budgeted balance sheet at Panther Hardware? O $110,656 O $82.688 O $145,600 O $129,200

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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Panther Hardware's forecasted sales for April; May: June; and July are $250,000: $300,000: $170,000; and $230,000, respectively. Sales are 65% cash and 35% credit with all accounts receivables collected in the month following the sale, Cost of goods sold is 80% of sales and ending inventory is maintained at $80,000 plus 20% of the following month's cost of goods sold. All inventory purchases are paid 24% in the month of purchase and 76% in the following month, What is the balance of accounts payable on the June 30 budgeted balance sheet at Panther Hardware? O $110.656 O $82,688 O $145,600 O $129,200
Transcribed Image Text:Panther Hardware's forecasted sales for April; May: June; and July are $250,000: $300,000: $170,000; and $230,000, respectively. Sales are 65% cash and 35% credit with all accounts receivables collected in the month following the sale, Cost of goods sold is 80% of sales and ending inventory is maintained at $80,000 plus 20% of the following month's cost of goods sold. All inventory purchases are paid 24% in the month of purchase and 76% in the following month, What is the balance of accounts payable on the June 30 budgeted balance sheet at Panther Hardware? O $110.656 O $82,688 O $145,600 O $129,200
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