Determine the missing amounts in each of the following four independent scenarios: a. W Co. had a

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Determine the missing amounts in each of the following four independent scenarios:

a. W Co. had a $5,500 beginning balance in accounts payable on January 1, Year 8. During Year 8, the company incurred $45,200 of operating expenses on account and paid $43,100 cash to settle accounts payable. Based on this information alone, determine the amount of the ending balance in accounts payable.

b.
W Co. had a $5,300 ending balance in accounts payable on December 31, Year 8. During Year 8, the company incurred $55,200 of operating expenses on account and paid $54,600 cash to settle accounts payable. Based on this information alone, determine the amount of the beginning balance in accounts payable.

c. W Co. had a $3,000 beginning balance in accounts payable on January 1, Year 8. During Year 8, the company incurred $73,000 of operating expenses on account. The ending balance in accounts payable was $8,500. Based on this information alone, determine the amount of cash paid to settle accounts payable.

d. W Co. had a $6,750 beginning balance in accounts payable on January 1, Year 8. During Year 8, the company paid $82,000 cash to settle accounts payable. The ending balance in accounts payable was $10,800. Based on this information alone, determine the amount of expenses incurred on account.


Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...
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Introductory Financial Accounting for Business

ISBN: 978-1260299441

1st edition

Authors: Thomas Edmonds, Christopher Edmonds

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