Problemassume that calamar corp has sales of 75 million and, Ask an Expert

Accounting

Problem:

Assume that Calamar Corp. has sales of $7.5 million and accounts payable of $450,000. The corporation utilizes the percent-of-sales method of financial forecasting.

Requirement:

If Calamar is expected to generate sales of $9 million next year, what will the firm's accounts payable be?

$540,000
$450,000
$405,000
None of these

Note: Please show how you came up with the solution.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91171422

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