Fancy Foods Incorporated Had an Ending Balance in Accounts Payable

question 23

Multiple Choice

Fancy Foods Incorporated had an ending balance in accounts payable of $6,000. The company incurred $72,000 of operating expenses on account and paid $90,000 cash to settle accounts payable. Determine the beginning balance in accounts payable.

• A)$12,000
• B)$24,000
• C)$96,000
• D)$156,000

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Definitions:

Ages

Refers to the various stages of life or periods in history.

Legionnaires' Disease

An infectious disease caused by Legionella bacteria, characterized by severe pneumonia.

Glottis

The part of the larynx consisting of the vocal cords and the slit-like opening between them.

Diaphragm

A dome-shaped, flexible muscle separating the chest cavity from the abdominal cavity in humans, playing a major role in breathing.