If purchases for april may and june were 200000 160000 and , Ask an Expert

Accounting

Brooke-lyn 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?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M976392

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