Waterway Industries reported the following information for 2022: October November December Budgeted sales $500000 $480000 $540000 Budgeted purchases $330000 $271000 $343000 • All sales are on credit. Customer amounts on account are collected 50% in the month of sale and 50% in the following month. Cost of goods sold is 35% of sales. Purchases are paid for 60% in the month of acquisition and 40% in the following month. Accounts payable is used only for inventory acquisitions. What is the budgeted balance for Accounts Payable at October 31, 2022? O $108400 O $132000 O $198000 O $78000

Waterway Industries reported the following information for 2022: October November December Budgeted sales $500000 $480000 $540000 Budgeted purchases $330000 $271000 $343000 • All sales are on credit. Customer amounts on account are collected 50% in the month of sale and 50% in the following month. Cost of goods sold is 35% of sales. Purchases are paid for 60% in the month of acquisition and 40% in the following month. Accounts payable is used only for inventory acquisitions. What is the budgeted balance for Accounts Payable at October 31, 2022? O $108400 O $132000 O $198000 O $78000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

10078+0987=
Other than 1040, what other forms need to be completed?
E10.15
That is not a possible solution. The possible anwsers are --> a. 122329.9877 b. 127159.8450 c. 122132.1253 d. 126907.4914 Please explain
b. 15800 is not correct - what is the correct answer?
Cell D11. There seems to be no D18 to D22 in the solution.