Ask Question
BusinessBusiness
16 January, 16:14

The Accounts Payable account has a beginning balance of $15,000 and the company purchased $40,000 of supplies on account during the month. The ending balance was $20,000. How much did the company pay to creditors during the month?

+1
Answers (1)
  1. 16 January, 16:25
    0
    The payments to creditors during the month were of $35000.

    Explanation:

    To calculate the payment to the creditors, we first need to find out the total amount that was due to the creditors for the month and then deduct the ending balance from that amount to determine the payments made to creditors. The total amount that was due to creditors for the month was,

    Accounts Payable amount due for the month = Opening balance of Accounts Payable + Purchases on credit

    Accounts Payable amount due = 15000 + 40000 = $55000

    The payments for the month = 55000 - 20000 = $35000
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “The Accounts Payable account has a beginning balance of $15,000 and the company purchased $40,000 of supplies on account during the month. ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Treasury Stock Transactions Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year, Biscayne Bay Water Inc. reacquired 2,300 shares of its common stock at $51 per share. On September 6, Biscayne Bay Water Inc.
Answers (1)
Susan Williams runs a small Flagstaff job shop where garments are made. The job shop employs eight workers. Each worker is paid $1010 per hour. During the first week of March, each worker worked 4040 hours.
Answers (1)
Evan, a shareholder, owned 20% of Yorker's stock for 200 days and 25% of Yorker's stock for the remaining 165 days of the year (not a leap year).
Answers (1)
Comp #2 has a deck; the subject property does not have a deck. The appraiser has determined that a deck in that neighborhood is worth $3,000.
Answers (1)
Which of the following statements is NOT true? a. Accounting errors are usually spread evenly throughout a data set. b. Traditional auditing methods are more suited to finding errors than fraud. c.
Answers (1)
New Questions in Business
g resh bought 1,000 shares of Ibis Corporation stock for $5,600 on January 15, 2017. On December 31, 2019, she sold all 1,000 shares of her Ibis stock for $4,800.
Answers (1)
The last stage of the new-product development process is
Answers (1)
Divided Fantastic Frames sells its frames for $15 per unit. Variable costs total $6 per unit, and fixed costs total $90,000. If Fantastic Frames increases sales by
Answers (1)
A trade show is usually focused on what? a. an employer b. an industry c. a school d. a craft
Answers (1)
The Harrisburg Store has net working capital of $2,715, net fixed assets of $22,407, sales of $31,350, and current liabilities of $3,908. How many dollars' worth of sales are generated from every $1 in total assets
Answers (1)
Home » Business » The Accounts Payable account has a beginning balance of $15,000 and the company purchased $40,000 of supplies on account during the month. The ending balance was $20,000. How much did the company pay to creditors during the month?
Sign Up Forgot Password?