Moore Company Has the Following Partial List of Account Balances

question 103

Essay

Moore Company has the following partial list of account balances at year-end December 31, 2016: Additional information: The accounts payable balance at the end of the prior year was $3,000.
Required:
(All answers are for December 31, 2016.)
A.Determine the following items:
1.Current assets
2.Current liabilities
3.Working capital
4.Accounts payable turnover ratio
5.Average age of accounts payable
B.Assume that cash is used at December 31, 2016, to pay the entire balance of accounts payable.Determine the revised amounts from part (A) above for the following items:
1.Current assets
2.Current liabilities
3.Working capital
4.Accounts payable turnover ratio
5.Average age of accounts payable
C.Comment on the effect of paying accounts payable at year-end with regard to working capital and accounts payable management.

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Definitions:

Lookup Properties

Features in databases that enable a field to display a value from a table or query, instead of showing its underlying value or ID.

Record Source

The data source for a form or report in a database, specifying where the presented data comes from.

Clients Table

A table in a database that contains information about clients or customers, including details like name, contact information, and purchasing history.

Calculated Control

A component in databases and applications that displays values resulting from a calculation rather than stored data.