Question
QUESTION 41 Hessen is a wholesaler. The sales budget for November is $500,000 with a gross margin percentage of 65 percent. Purchases are paid for
QUESTION 41 Hessen is a wholesaler. The sales budget for November is $500,000 with a gross margin percentage of 65 percent. Purchases are paid for in the month following purchase. Hessen's beginning inventory is $35,000 and an ending inventory of $32,000 is desired. The beginning balance in accounts payable is $185,000. Reference:
a) What is the November 30th balance in accounts payable?
b) What is the amount of cash disbursements in November?
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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
