Question

Virginia Enterprises makes all purchases on account, subject to the following payment pattern: Paid in the month of purchase: 30% Paid in the first month following purchase: 65% Paid in the second month following purchase: 5% If purchases for April, May, and June were $200,000, $160,000, and $250,000, respectively, what was the firm's budgeted payables balance on June 30

Answer 1

Answer:

$18,000

Explanation:

Prepare an Accounts Payables Budget

The firm's budgeted payables balance on June is $18,000