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Question: 130 General, Inc. has prepared the following direct materials purchases budget: Month June July August September October Budgeted DM Purchases $ 69,000 77,500 76,900 77,800 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. a. $69,120 b. $100,240 c. $31,120 d. $61,840

Question: 130 General, Inc. has prepared the following direct materials purchases budget: Month June July August September October Budgeted DM Purchases $ 69,000 77,500 76,900 77,800 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. a. $69,120 b. $100,240 c. $31,120 d. $61,840

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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Question: 130 General, Inc. has prepared the following direct materials purchases budget: Month June July August September October Budgeted DM Purchases $ 69,000 77,500 76,900 77,800 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. a. $69,120 b. $100,240 c. $31,120 d. $61,840
Transcribed Image Text:Question: 130 General, Inc. has prepared the following direct materials purchases budget: Month June July August September October Budgeted DM Purchases $ 69,000 77,500 76,900 77,800 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. a. $69,120 b. $100,240 c. $31,120 d. $61,840
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