Question
Expected purchases for June and July are $74,000 and $ 90,000, respectively. Purchases for May were $57,000. All purchases are paid 30% in the month
Expected purchases for June and July are $74,000 and $90,000, respectively. Purchases for May were $57,000. All purchases are paid 30% in the month of purchase and 20% he following month. At what amount are payments for purchases budgeted?
A. $66,300
B. $62,100
C. $68,900
D. $89,100
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Financial Accounting Tools for business decision making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
6th Edition
978-1119191674, 047053477X, 111919167X, 978-0470534779
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