The following information is available for Royal Corp. for 2020: Accounts payable, beginning $14,000 Cash payments...
The following information is available for Royal Corp. for 2020:
Accounts payable, beginning $14,000
Cash payments on account during year 7,000
Purchase discounts taken during year on 2020 purchases 1,200
Purchases 10,000
Assuming that all purchases are made on account, accounts payable at the end of the year are:
a) $24,000
b) $15,800
c) $22,800
d) $17,000
Homework Answers
Net purchases made=Purchases-Purchase discounts
=10,000-1200
=$8800
Ending AP=Beginning AP+Net purchases made-Cash payments made on account
=14000+8800-7000
=$15800
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