The final accounts payable for Kent Company will amount to $211,200
Accounts payable are commitments with a short term. These are typically sums owed to suppliers or vendors for outstanding sums for products or services purchased. On the balance sheet, accounts payable are listed as a line item under current liabilities.
Cost of Goods Sold = Sales * 25%
COGS= 800,000 * 25%
Therefore, the Cost of Goods Sold = $200,000
Purchases = Cost of Goods Sold + Ending Inventory - Beginning Inventory of Merchandise
Purchases = (200,000 + 51,200) - 40,000 = 251,200 - 40,000
Therefore, Purchases = $211,200
Ending Accounts Payable = Beginning Inventory + Purchases - Payments
Ending Accounts Payable = 128,000 + 211,200 - 128,000
Therefore, Ending Accounts Payable = $211,200
The initial accounts payable are paid in the month and used in the month prior.
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