What is the expected balance in Accounts Payable as of March 31?

ACCOUNTING

Multiple Choice

Bear Company has the following information:


Month Budgeted Purchases

January $26,800

February 29,000

March 30,520

April 29,480

May 27,680


Purchases are paid for in the following manner:

10% in the month of purchase

50% in the month after purchase

40% two months after purchase


What is the expected balance in Accounts Payable as of March 31?

a. $39,068

b. $18,312

c. $2,900

d. $30,520

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