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Torres Co . forecasts merchandise purchases of $ 1 6 , 8 0 0 in January, $ 1 8 , 6 0 0 in February,

Torres Co. forecasts merchandise purchases of $16,800 in January, $18,600 in February, and $22,200 in March; 60% of purchases are paid in the month of purchase and 40% are paid in the following month. At December 31 of the prior year, the balance of Accounts Payable (for December purchases) is $24,000.

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