Hilliard Company,a Small Consulting Firm,charges All of Its Operating Expenses

question 76

Multiple Choice

Hilliard Company,a small consulting firm,charges all of its operating expenses on Accounts Payable.On January 1,Year 2,Hilliard's Accounts Payable balance was $24,000 and,during Year 2,an additional $216,000 of operating expenses were charged on account.On December 31,Year 2,the Accounts Payable balance was $72,000.What is the amount of cash paid for expenses during Year 2?

• A)$264,000
• B)$240,000
• C)$168,000
• D)$64,000

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