Kid's Delight expects to sell $15,900 of toys in December, $4,700 in January, $6,400 in February, and
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Question:
Kid's Delight expects to sell $15,900 of toys in December, $4,700 in January, $6,400 in February, and $8,100 in March. The wholesale cost is 71 percent of the retail price. The firm has a receivables period of 30 days, a payables period of 60 days, and buys inventory one month prior to selling it. What is the accounts payable balance at the end of January? Assume a year has 360 days.
- $4,544
- $4,700
- $3,337
- $6,168
- $7,881
Related Book For
Managerial accounting
ISBN: 978-0471467854
1st edition
Authors: ramji balakrishnan, k. s i varamakrishnan, Geoffrey b. sprin
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