The Snow Globe Emporium sells snow globes. The forecasted first quarter sales for The Snow Globe Emporium is shown in the top row of the table. The Snow Globe Emporium buys the snow globes from a distributor for $5 and sells them for $8. All purchases are made on credit one month in advance of sales and are paid for the month following the purchase. Assume that The Snow Globe Emporium has a starting accounts payable balance of $15,000 at the beginning of February. What are the Snow Globe Emporium's Ending Accounts Payable in February?
| Sales and Purchase Forecast |
| | January | February | March | April |
| Sales Forecast | $32,000 | $48,000 | $60,800 | $75,200 |
| Purchases from Suppliers ($) | | | | |
| Payments to Suppliers | | | | |
| | | | | |
| Beginning Accounts Payable | | $15,000 | | |
| Plus: Purchases | | | | |
| Less: Payments | | | | |
| Ending Accounts Payable | $15,000 | | | |
◦ $15,000
◦ $23,000
◦ $23,500
◦ $24,000
◦ $26,500
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