Haggle Corporation, a Wholesaler, Has a Sales Budget for Next

question 16

Multiple Choice

Haggle Corporation, a wholesaler, has a sales budget for next month of $300,000.Cost of units sold is expected to be 40% of sales.All units are paid for in the month following purchase.The beginning inventory of units is $10,000, and an ending amount of $12,000 is desired.Beginning accounts payable is $76,000. The ending balance in accounts payable for next month will be _____.

• A)$122,000
• B)$120,000
• C)$118,000
• D)$78,000

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Definitions:

Ceases to Be a Partner

Occurs when an individual no longer holds the status of a partner in a partnership, possibly due to withdrawal, expulsion, or agreement termination.

General Partner

A type of owner in a partnership who is responsible for the operations of the company and is liable for its debts.

Statutory Provisions

Laws or regulations enacted by a legislative body that must be followed by individuals and entities subject to its jurisdiction.

Safe Harbor Provisions

Legal provisions that provide protection from liability under certain conditions, often seen in regulatory contexts.