Question

At October 1, 2017, Swifty Industries had an Accounts Payable balance of $106,400. During the month, the company made purchases on account of $76,000 and made payments on account of $121,600. At October 31, 2017, the Accounts Payable balance is ________.

Answer 1

$60,800

Step-by-step explanation:

Given that,

Accounts Payable balance at October 1, 2017 = $106,400

During the month, purchases on account = $76,000

Payments made on account = $121,600

Therefore, the Accounts Payable balance at October 31, 2017 is as follow:

= Opening balance + Purchases - Payments made on account

= $106,400 + $76,000 - $121,600

= $60,800