Apple Two Enterprises Expects to Generate Sales of $5,950,000 for Fiscal

question 80

Multiple Choice

Apple Two Enterprises expects to generate sales of $5,950,000 for fiscal 2002;sales were $3,450,000 in fiscal 2001.Assume the following figures for the fiscal year ending 2001: cash $70,000;accounts receivable $250,000;inventory $400,000;net fixed assets $520,000;accounts payable $235,000;and accruals $155,000.Use the percent-of-sales method to forecast accruals for the fiscal year ending 2002.

• A)$890,001
• B)$412,316
• C)$267,319
• D)$350,814

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