Answer:
Total current assets $83,580
Explanation:
The preparation of the current assets section of the balance sheet is shown below:
<u>Current Assets Amounts </u>
Cash $22,360
Debt investments(short term) $17,360
Accounts receivables $30,100
Supplies $8,170
Prepaid Insurance $5,590
Total current assets $83,580
B.below the equilibrium price, causing a surplus
Answer:
The amount of cash paid to suppliers of merchandise during the reporting period is $31
Explanation:
Inventory beginning balance is $90, ending balance is $93
Account payables beginning balance is $14, ending balance is $16
Cost of goods sold is $30
Using T accounts: Beginning Inventory + Purchases - Ending Inventory = Cost of Goods Sold.
Therefore Purchases = Cost of Sales - Beginning Inventory + Ending Inventory
Purchases = 30-90+93 = 33
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In the Accounts Payable Account
Opening balance and Credit purchases are on the credit side, while payment to suppliers and closing balance are on the debit side
Therefore: Opening balance + Purchases during the period = Payments during the period + closing balance.
Hence: 14+33= payments during the period + 16
Payments during the period = 14+33 - 16 = $31
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