Use the following to answer questions 20 and 21:
-How much should Quincy expect to pay on the accounts payable?

Question

Quizplus · Accepted Answer

The accounts payable balance is calculated as follows: 
Beginning Balance + Purchases - Payments = Ending Balance 
$60,000 + $384,000 - $48,000 = $396,000 
Therefore, Quincy should expect to pay $396,000 in accounts payable. The question asks for the amount Quincy should expect to pay, not the ending balance, so we need to subtract the beginning balance ($60,000) to get the answer: 
$396,000 - $60,000 = $336,000 
Finally, we need to factor in the early payment discount of 8%, which Quincy will save on a portion of the balance: 
0.8 ($336,000 - $48,000) + (0.92 $48,000) = $96,000 
Therefore, Quincy should expect to pay $96,000 on the accounts payable.

Use the Following to Answer Questions 20 and 21