Virginia Enterprises Makes All Purchases on Account, Subject to the Following

question 55

Multiple Choice

Virginia Enterprises makes all purchases on account, subject to the following payment pattern:
Paid in the month of purchase: 30%
Paid in the first month following purchase: 65%
Paid in the second month following purchase: 5%
If purchases for April, May, and June were $200,000, $160,000, and $250,000, respectively, what was the firm's budgeted payables balance on June 30?

• A) $175,000.
• B) $179,000.
• C) $183,000.
• D) $189,000.
• E) None of the answers is correct.

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