Rian Company had a target of fifteen days for its payment (accounts payable) cycle. What would the ending balance in the accounts payable account need to be to reach this target (holding all other accounts the same)?
Use the below information for solving the question
2008 Selected Income Statement Items for Rian Company
Cash Sales ..... $ 298,000
Credit Sales ...... $ 672,000
Total Sales ..... $ 970,000
Cost of goods sold .. $ 570,000

2007 & 2008 Selected Balance Sheet Accounts of RianCompany

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12/31/07 12/31/0S $38,000 S46,000 $8,000 S55,000 S59,000 S4,000 S27,000 S25,000 S2,000 Change Accounts Receivable Inventory Accounts Payable