Homework Answers
Solution:
The formula for calculating amount paid to creditors in a month is
= Beginning balance of accounts payable + Purchases made on credit/ account during the month - Ending balance of accounts payable
As per the information given in the question we have
Beginning balance of accounts payable = $ 10,800 ;
Purchases made on credit/ account during the month = $ 50,000 ;
Ending balance of accounts payable = $ 19,900
Applying the above information in the above formula we have the amount paid to creditors in a month as follows :
= $ 10,800 + $ 50,000 - $ 19,900
= $ 40,900
Thus the amount paid by the company to the creditors during the month = $ 40,900
The solution is option 4 = $ 40,900
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