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Kelly Company is a retail sporting goods store that uses accrual accounting for its records. Facts regarding Kelly's operations are as follows: Sales are budgeted at $220,000 for December year 1 and $200,000 for January year 2. Collections are expected to be 60% in the month of sale and 38% in the month following the sale. Gross margin is 25% of sales. A total of 80% of the merchandise held for resale is purchased in the month prior to the month of sale and 20% is purchased in the month of sale. Payment for merchandise is made in the month following the purchase. Other expected monthly expenses to be paid in cash are $22,600. Annual depreciation is $216,000. Below is Kelly Company's statement of financial position at November 30, year 1.
The projected balance in accounts payable on December 31, year 1 isA. Some amount other than those given.. B. $204,000. C. $153,000. D. $162,000. |