Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Galina, Inc. has prepared the following direct materials purchases budget: Month Budgeted DM Purchases June $68,000.00 July 75,000 August 79,000 September 77,100 October 70,600 All

image text in transcribed

Galina, Inc. has prepared the following direct materials purchases budget: Month Budgeted DM Purchases June $68,000.00 July 75,000 August 79,000 September 77,100 October 70,600 All purchases are paid for as follows: 10% in the month of purchase, 40% in the following month, and 50% two months after purchase. Calculate the budgeted balance of accounts payable at the end of October. A. $73,850.00 B. $102,090.00 C. $38,550.00 D. $63,540.00 Galina, Inc. has prepared the following direct materials purchases budget: Month Budgeted DM Purchases June $68,000.00 July 75,000 August 79,000 September 77,100 October 70,600 All purchases are paid for as follows: 10% in the month of purchase, 40% in the following month, and 50% two months after purchase. Calculate the budgeted balance of accounts payable at the end of October. A. $73,850.00 B. $102,090.00 C. $38,550.00 D. $63,540.00

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Connect 2-semester For Auditing & Assurance Services A Systematic Approach

Authors: Author

10th Edition

1259292045, 9781259292040

More Books

Students also viewed these Accounting questions

Question

ASTD has not yet developed a code of ethics.

Answered: 1 week ago