Apple Two Enterprises expects to generate sales of $5,950,000 for fiscal 2002; s

Question

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. (Points : 1)                                           

$890,001
                                        $412,316
                                        $267,319
                                        $350,814

Explanation / Answer

$267,319-correct answer-100%sure

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