Solved: What will be the balance on the budgeted proforma balance, Accounting Basics

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What will be the balance on the budgeted proforma balance

Problem

Libby Gift and Gadget has the following budget for cost of goods sold next quarter.

	October,Year6	November,Year6	December,Year6
Cost of goods sold	$280,000	$300,000	$350,000

Assume Libby does not maintain any inventories. When a customer places an order online, Libby buys the merchandise from a local supplier, Tefco. Libby buys everything from Tefco on credit. Libby pays Tefco the month following the purchase. What will be the balance on the budgeted (proforma) balance sheet at 12/31/Year6 for "Accounts payable to Tefco"?

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Accounting Basics: What will be the balance on the budgeted proforma balance

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