Question
6. . Microsoft has budgeted inventory purchases as follows: October: $350,000 November: $365,000 December: $390,000 Microsoft pays for 20% of their purchases during the month
6.
. Microsoft has budgeted inventory purchases as follows:
October: $350,000
November: $365,000
December: $390,000
Microsoft pays for 20% of their purchases during the month of purchase, 70% during the month following the purchase, and the remaining 10% two months after the month of purchase. What is the budgeted accounts payable balance on December 31?
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Financial Accounting An Introduction
Authors: Alex Watson, Jacqui Kew
5th Edition
0190425520, 978-0190425524
