Question

Accounts payable $240,000 Common stock 780,000 Retained earnings 259,600 Total liabilities and stockholders' equity $1,279,600 Accounts payable at the end of December would be:

Answer 1

$163,000

Step-by-step explanation:

Account payable at the end of December is calculated as;

= Accounts payable - Accounts receivables (net of allowance for uncollectible accounts

Given that ;

Accounts payable = $240,000

Accounts receivables = $77,000

Accounts payable at the end of December = $240,000 - $77,000 = $163,000