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% of the purchase amount in the month of purchase
50% of the purchase amount in the month after purchase
40% of the purchase amount in the second month after purchase
1. What is the expected balance in Accounts Payable as of March 31?
2. What is the expected balance in Accounts Payable as of April 30?