Sales are budgeted at $307,000 for November $327,000 for December, and $227,000 for January Collections are expected to be 60% in the month of sale and 40% in the month following the sale The cost of goods sold is 75% of sales Utuyor735 desires to have an ending merchandise inventory at the end of each month equal to 90% of the next m Other monthly expenses to be paid in cash are $22,800 Monthly depreciation is $29,500 Ignore taxes. . po/38127) Assets Cash Balance Sheet October 31 Accounts receivable Merchandise inventory Property, plant and equipment, net of $624,000 accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders equity What are the accounts payable for Utuyoz735 at the end of December? 35,000 85,500 207,235 322,000 $1,249,725 $256,000 757,000 236,725 $1,249,725

Sales are budgeted at $307,000 for November $327,000 for December, and $227,000 for January Collections are expected to be 60% in the month of sale and 40% in the month following the sale The cost of goods sold is 75% of sales Utuyor735 desires to have an ending merchandise inventory at the end of each month equal to 90% of the next m Other monthly expenses to be paid in cash are $22,800 Monthly depreciation is $29,500 Ignore taxes. . po/38127) Assets Cash Balance Sheet October 31 Accounts receivable Merchandise inventory Property, plant and equipment, net of $624,000 accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders equity What are the accounts payable for Utuyoz735 at the end of December? 35,000 85,500 207,235 322,000 $1,249,725 $256,000 757,000 236,725 $1,249,725

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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