Carter Lumber sells lumber and general building supplies to building contractors in a medium-sized town in Montana.Data regarding the store's operations follow: o Sales are budgeted at $380, 000 for November, $390, 000 for December, and $400, 000 for January.
O Collections are expected to be 70% in the month of sale, 27% in the month following the sale, and 3% uncollectible.
O The cost of goods sold is 65% of sales.
O The company desires to have an ending merchandise inventory equal to 80% of the following 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 $22, 000.
O Monthly depreciation is $20, 000.
O Ignore taxes. Accounts payable at the end of December would be:

Question

Carter Lumber sells lumber and general building supplies to building contractors in a medium-sized town in Montana.Data regarding the store's operations follow: o Sales are budgeted at $380, 000 for November, $390, 000 for December, and $400, 000 for January.
O Collections are expected to be 70% in the month of sale, 27% in the month following the sale, and 3% uncollectible.
O The cost of goods sold is 65% of sales.
O The company desires to have an ending merchandise inventory equal to 80% of the following 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 $22, 000.
O Monthly depreciation is $20, 000.
O Ignore taxes.  Accounts payable at the end of December would be:

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The Answer of Carter Lumber sells lumber and general building supplies to building contractors in a medium-sized town in Montana.Data regarding the store's operations follow: o Sales are budgeted at $380, 000 for November, $390, 000 for December, and $400, 000 for January.
O Collections are expected to be 70% in the month of sale, 27% in the month following the sale, and 3% uncollectible.
O The cost of goods sold is 65% of sales.
O The company desires to have an ending merchandise inventory equal to 80% of the following 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 $22, 000.
O Monthly depreciation is $20, 000.
O Ignore taxes.  Accounts payable at the end of December would be:

Carter Lumber Sells Lumber and General Building Supplies to Building