Mayes Corporation reported utilities expense of $28,200 on its income statement for 2013. For the year, the beginning balance in Utilities Payable was $2,000 and the ending balance was $1,000. The amount of cash that Mayes paid for utilities in 2013 was $29,200.

Question

Quizplus · Accepted Answer

$2,000 beginning balance utilities payable + $28,200 utilities expense - $1,000 ending balance utilities payable = $29,200 payments

Mayes Corporation Reported Utilities Expense of $28,200 on Its Income