Dilbert Farm Supply is located in a small town in the rural west.Data regarding the store's operations follow: o Sales are budgeted at $260, 000 for November, $230, 000 for December, and $210, 000 for January.
O Collections are expected to be 80% in the month of sale, 19% in the month following the sale, and 1% uncollectible.
O The cost of goods sold is 65% of sales.
O The company desires to have an ending merchandise inventory at the end of each month equal to 60% of the next month's cost of goods sold.Payment for merchandise is made in the month following the purchase.
O Other monthly expenses to be paid in cash are $20, 300.
O Monthly depreciation is $20, 000.
O Ignore taxes. Accounts payable at the end of December would be:

Question

Dilbert Farm Supply is located in a small town in the rural west.Data regarding the store's operations follow: o Sales are budgeted at $260, 000 for November, $230, 000 for December, and $210, 000 for January.
O Collections are expected to be 80% in the month of sale, 19% in the month following the sale, and 1% uncollectible.
O The cost of goods sold is 65% of sales.
O The company desires to have an ending merchandise inventory at the end of each month equal to 60% of the next month's cost of goods sold.Payment for merchandise is made in the month following the purchase.
O Other monthly expenses to be paid in cash are $20, 300.
O Monthly depreciation is $20, 000.
O Ignore taxes.  Accounts payable at the end of December would be:

Quizplus · Accepted Answer

December accounts payable balance:
 11eaa0c8_94f2_6c0c_9cb2_4f625628e847_TB2487_00

Dilbert Farm Supply Is Located in a Small Town in the Rural