Blaney Lumber's forecasted sales for April; May; June; and July are $200,000; $230,000; $190,000; and $240,000; respectively.Sales are 60% cash and 40% credit with all accounts receivables collected in the month following the sale.Cost of goods sold is 75% of sales and ending inventory is maintained at $60,000 plus 10% of the following month's cost of goods sold.All inventory purchases are paid 20% in the month of purchase and 80% in the following month.
-
What is the balance of accounts payable on the June 30 budgeted balance sheet?

Question

Quizplus · Accepted Answer

The Answer of  Blaney Lumber's forecasted sales for April; May; June; and July are $200,000; $230,000; $190,000; and $240,000; respectively.Sales are 60% cash and 40% credit with all accounts receivables collected in the month following the sale.Cost of goods sold is 75% of sales and ending inventory is maintained at $60,000 plus 10% of the following month's cost of goods sold.All inventory purchases are paid 20% in the month of purchase and 80% in the following month.
-
What is the balance of accounts payable on the June 30 budgeted balance sheet?

Blaney Lumber's Forecasted Sales for April; May; June; and July