Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

At July 1,2020 , Cortada Inc. had an accounts payable balance of $45,000. During the month, the company made purchases on account of $32,000 and

image text in transcribed
At July 1,2020 , Cortada Inc. had an accounts payable balance of $45,000. During the month, the company made purchases on account of $32,000 and made payments on account of $44,000. Calculate the accounts payable balance as of July 31 st. QUESTION 22 Lang industries purchased supplies for $55,000. They paid $25,000 in cash and agreed to pay the balance in 30 days. Calculate the change in total liablities. (Please note that decreases in total liabilities should be entered as a negative number). QUESTION 23 At February 1,2020 , the balance in Bigelow inc.'s supplies account was $54,000. During February. Bigelow purchased supplies of $41,000 and used supplies of $36,000. Calculate the balance in the supplies account at the end of February

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Objective Questions And Explanations

Authors: Irvin N. Gleim

7th Edition

0917539664, 978-0917539664

More Books

Students also viewed these Accounting questions

Question

What will happen if trained workers are not available as predicted?

Answered: 1 week ago