During the Month of March,Harley's Computer Services Made Purchases on Account

question 89

Multiple Choice

During the month of March,Harley's Computer Services made purchases on account totaling $43,500.Also during the month of March,Harley was paid $8,000 by a customer for services to be provided in the future and paid $36,900 of cash on its accounts payable balance.If the balance in the accounts payable account at the beginning of March was $77,300,what is the balance in accounts payable at the end of March?

• A)$83,900.
• B)$91,900.
• C)$6,600.
• D)$75,900.
• E)$4,900.

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Definitions:

Consumer Surplus

The divergence between the total consumers can and are willing to pay for a product or service and what they truly pay.

Binding Price Floor

A government-imposed minimum price set above the equilibrium price, resulting in a surplus by preventing the market price from falling to its natural level.

Willingness To Pay

The maximum amount an individual is prepared to spend to procure a good or service, reflecting the value they place on it.

Consumer Surplus

The discrepancy between what consumers are prepared and can afford to pay for a product or service versus what they end up paying in reality.