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Category Prior Year Current Year Accounts payable ??? ??? Accounts receivable 320,715 397,400 Accruals 40,500 33,750...

Category Prior Year Current Year
Accounts payable ??? ???
Accounts receivable 320,715 397,400
Accruals 40,500 33,750
Additional paid in capital 500,000 541,650
Cash 17,500 47,500
Common Stock 94,000 105,000
COGS 328,500 430,741.00
Current portion long-term debt 33,750 35,000
Depreciation expense 54,000 54,943.00
Interest expense 40,500 41,875.00
Inventories 279,000 288,000
Long-term debt 339,876.00 398,606.00
Net fixed assets 946,535 999,000
Notes payable 148,500 162,000
Operating expenses (excl. depr.) 126,000 162,524.00
Retained earnings 306,000 342,000
Sales 639,000 845,964.00
Taxes 24,750 47,204.00
What is the current year's accounts payable balance?


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Expert Solution

Note: All figures used are from Current year

First we will find Total assets to find Total Liabilities

Total assets = Current assets + Net Fixed Assets

Current Assets = Cash + Account Receivable + Inventories

Current Assets = 47,500 + 397,400 +  288,000 = 732,900

Net Fixed Assets in Current Year = 999,000

Total Assets = 732,900 + 999,000 = 1,731,900

Now we will calculate the Shareholder's Equity

Equity = Common Stock + Additional Paid in Capital + Retained Earnings

Equity = 105,000 + 541,650 + 342,000 = 501,650

Total Liabilities = Total Assets - Shareholder's Equity = 1,731,900 - 501,650 = 1,230,250

Total Liabilities = Account Payable + Accruals + Current portion long-term debt + Notes payable + Long-term debt

=> 1,230,250 = A/P + 33,750 + 35,000 + 162,000 + 398,606

=> A/P = 1,230,250 - 33,750 - 35,000 - 162,000 - 398,606

Account Payable for Current Year = $ 600,894

Hence, Account Payable balance for Current Year is $ 600,894

jeff jeffy answered 1 year ago
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