At the end of June, the Beck’s Consulting, Inc.’s accounting system showed the f

Question

At the end of June, the Beck’s Consulting, Inc.’s accounting system showed the following amounts: Cash = $22,100, accounts receivable = $500, supplies = $300, accounts payable = $150, common stock = $20,000, and retained earnings = $2,750. The retained earnings amount was based on the following: resources resulting from services provided to customers = $3,500, resources used up to provide services to customers = $550, and dividends = $200. Determine the dollar amount of resources on hand at the end of June that Beck’s Consulting, Inc. obtained through borrowing.

Explanation / Answer

Amount of resources on hand obtained through borrowings = Accounts payable = $150

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