The Accounts Payable Balance at the Beginning of the Year

question 66

Multiple Choice

The accounts payable balance at the beginning of the year was $85,000.The company purchased $380,000 worth of goods on account,and the ending balance of the payables account was $70,000. What were the total payments on account?

• A) $450,000
• B) $395,000
• C) $535,000
• D) $465,000

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Definitions:

Erikson's Stages

A theory of psychosocial development outlining eight stages from infancy to adulthood, with each stage presenting a unique developmental task.

Autonomy Vs. Shame

A developmental stage in Erikson's psychosocial theory where toddlers learn to exercise will and do things independently, failing which they feel ashamed.

Emerging Adulthood

The transitional period from adolescence to adulthood, spanning approximately 18 to 25 years of age.

Wisdom

Expert knowledge about the practical aspects of life.