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On October 1, 2012, Metz Industries had an Accounts Payable balance of $60,000. During the month, the company made purchases on account of $50,000 and made payments on account of $80,000. At October 31, 2012, the Accounts Payable balance is

Respuesta :

Answer:

$30,000

Explanation:

Given that

Opening account payable balance = $50,000

Purchase made on account = $50,000

Payments made on account = $80,000

So,

The computation of the ending account payable balance is shown below:

Ending account payable balance = Opening account payable balance + purchase made on account - payments made on account

= $60,000 + $50,000 - $80,000

= $30,000

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