ABC Services reported the following transactions for September, 2013. A) The owner opened the business with a capital contribution of $23,500 cash. It was credited to Capital. B) The business purchased office equipment for $11,500. The business paid $2,500 cash down and put the balance on a note payable. C) The business paid insurance expense of $1,350 cash. D) The business paid a utility bill for $980 cash. E. The business paid $2,000 cash for September rent. F. The business had sales of $12,000 in September. Of these sales, 60% were cash sales, and the balance was credit sales. G. The business paid $9,700 cash for office furniture. What are the total liabilities at the end of September, 2013


The answer for edgenuity is c: color

answer: d. characteristics of guests

explanation: it is directly related to the spending characteristics of attendees who fall into each of these categories:

ABC Services

The total liabilities at the end of September, 2013

= $9,000


a) Data and Calculations:

Capital contribution = $23,500

Equipment = $11,500

Cash payment for equipment = $2,500

Note payable on equipment = $9,000

Insurance expense paid = $1,350

Utility expense paid = $980

Rent paid = $2,000

Sales = $12,000

Cash Sales = $7,200 (60% of $12,000)

Credit Sales = $4,800 (40% of $12,000)

Office furniture paid = $9,700

Therefore, total liabilities at the end of September, 2013 = $9,000.  This represents the note payable for the office equipment purchased in B.

Do you know the answer?

Other questions on the subject: Business

Business, 21.06.2019, castiaulii16
The answer is: A) Farmers will substitute the production of other agricultural goods? (like soybeans) with corn.Explanation:When the price of a certain product increases so steeply...Read More
3 more answers
The future value of a 18-year annuity of $2,000 per period where payments come at the beginning of each period is $59,078.Explanation:We apply the formula to calculate future value...Read More
2 more answers
The Correct order is:1. Firm comes into existence.2. People in the firm start to shirk.3. Increased shirking reduces the output of the firm.4. A monitor is chosen.5. A monitor is m...Read More
3 more answers