What is the expected Accounts Payable balance as of May 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 Accounts Payable balance as of May 31?

a. $11,792

b. $24,912

c. $36,704

d. $2,948

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