Determine the balance of accrued expenses payable based on the normative operating ratio for this liability account.
|
Sales Revenue |
$15,400,000 |
|
Cost of Goods Sold Expense |
-8,470,000 |
|
Gross Margin |
$6,930,000 |
|
Selling and General Expenses |
-4,368,000 |
|
Depreciation Expense |
-425,000 |
|
Operating Earnings |
$2,137,000 |
|
Interest Expense |
-260,000 |
|
Earnings Before Income Tax |
$1,877,000 |
|
Income Tax Expense |
-656,950 |
|
Net Income |
$1,220,050 |