FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Master Budget
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Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future…
Question

5

A company makes all purchases on account, subject to the following payment pattern. Paid in the month of purchase: 30% • Paid in the first month following purchase: 65% • Paid in the second month following purchase: 5% If purchases for April, May, and June were $200,000, $160,000, and $250,000, respectively, what was the firm's budgeted payables balance on May 31? O a. $118,000 Ob. $122,000 O c. $ 178,000 O d. $126,000
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Transcribed Image Text:A company makes all purchases on account, subject to the following payment pattern. Paid in the month of purchase: 30% • Paid in the first month following purchase: 65% • Paid in the second month following purchase: 5% If purchases for April, May, and June were $200,000, $160,000, and $250,000, respectively, what was the firm's budgeted payables balance on May 31? O a. $118,000 Ob. $122,000 O c. $ 178,000 O d. $126,000
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Step 1: Meaning of Accounts payable
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Step 2: Calculation of the Budgeted payable Balance on May 31
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Step 3: Calculation of the Budgeted payable Balance on May 31
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