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Juno, Inc. had sales of $8,000 in November and $14,000 in December. The firm projects sales of $10,000 in January, $12,000 in February, and $8,000
Juno, Inc. had sales of $8,000 in November and $14,000 in December. The firm projects sales of $10,000 in January, $12,000 in February, and $8,000 in March. Purchases are 70% of next months sales. The firm collects its receivables in 60 days and pays its payables in 30 days. All sales and purchases are on credit. What is Junos accounts payable balance at the end of January? Assume each month has 30 days.
a) $7,000
b) $5,600
c) $9,200
$8,400
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